Bahrain's Bapco Finalizes Financing of Modernization Program

Sky view of Bahrain's capital, Manama, Asharq Al-Awsat
Sky view of Bahrain's capital, Manama, Asharq Al-Awsat
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Bahrain's Bapco Finalizes Financing of Modernization Program

Sky view of Bahrain's capital, Manama, Asharq Al-Awsat
Sky view of Bahrain's capital, Manama, Asharq Al-Awsat

The Bahrain Petroleum Company announced on Sunday reaching financial closure on its multi-billion-dollar Bapco Modernization Program (BMP) with 21 banks and credit agencies.

Estimated to cost around $4.1 billion, the BMP is set to expand what is considered one of the oldest refineries in the Arabian Gulf region.

Implementing a project of the strategic scale of BMP, scheduled to be completed in 2022, is guaranteed to effectively contribute to sustainable development efforts in Bahrain.

Under the program, the oil refinery connecting Bahrain and Saudi Arabia has been upgraded to boost pipeline delivery capacity from 260,000 bpd to 350,000 bpd.

BMP represents a major turning point for Bapco, which will not only boost its refining capacity, but also enhance its products in terms of quantity, quality and energy efficiency.

Bapco is one of the major oil companies in the region in terms of competitiveness and compliance with environmental standards.

Bapco has contracted with five credit agencies and 21 banks, which included several local and international, commercial and Islamic banks, to finance the mega project. Financing was formally secured on December 20 last year with BNP Paribas, HSBC Middle East and Verus Partners acting as financial advisers to help Bapco meet the conditions required successfully to close the financing process.

The foundation stone for the project was laid in March this year during a ceremony held under the patronage of Bahraini Prime Minister Prince Khalifa bin Salman Al Khalifa and in the presence of Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, Deputy Supreme Commander and First Deputy Premier.

Bapco board director and chairman of BMP Steering Committee Dawood Nassif expressed delight at reaching the financial close of the vital Bahrain project.

Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa lauded efforts exerted by the Bapco team to achieve the financial close.

Given the size and scale of the BMP, the program is perceived as a mutually beneficial conclusion for a wide variety of partners from across the globe because it means we can provide a wider product offering and meet higher demand from customers.



From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)
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From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)

Saudi Arabia is leading a sweeping industrial transformation aimed at reshaping the national economy and securing a leading position in advanced sectors, the kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef said.

Speaking at the main session of the INNOPROM 2025 international industry fair in Yekaterinburg, Russia, Alkhorayef highlighted Saudi Arabia’s early adoption of future technologies and its efforts to boost production capabilities within global value chains.

He outlined that the National Industrial Strategy, launched in 2022, serves as the operational framework for the kingdom’s industrial vision. The strategy focuses on three integrated pillars targeting key industrial groups. The first pillar covers industries related to national security — including food, pharmaceuticals, water, and military sectors — which Saudi Arabia aims to localize through active partnerships.

Alkhorayef said the second pillar focuses on industries that leverage Saudi Arabia’s relative advantages, including abundant natural resources such as oil, gas, and minerals, as well as its strategic geographic location that positions the kingdom as a global logistics hub. Key sectors under this pillar include advanced petrochemicals, mining, and value-added manufacturing.

The third pillar targets future-oriented and emerging technologies. Saudi Arabia aims to strengthen its position in the early adoption of cutting-edge technologies through clear incentive policies.

These include support for research and development, applications of the Fourth Industrial Revolution, artificial intelligence, and 3D printing. Complementary measures such as the local content policy prioritize domestic products and bolster reliance on national capabilities, he added.

Alkhorayef also outlined recent developments in the kingdom’s mining sector, a key focus of Vision 2030. He said efforts have followed three main tracks, starting with expanded geological exploration that boosted the estimated value of Saudi mineral reserves from $1.3 trillion to $2.5 trillion. These reserves include strategic minerals such as phosphate and copper, with ongoing attention to social and environmental considerations in mining areas.

The second track involves strengthening international partnerships through the annual Riyadh International Mining Conference, which has evolved into a global platform addressing challenges related to securing critical raw materials for the energy transition.

The conference fosters coordination among governments, private sector players, and academic and research institutions to enhance the mining sector’s efficiency and sustainability. Alkhorayef expressed gratitude for the Russian government’s contributions to the event.

Highlighting strong Saudi-Russian ties, he said there are promising opportunities to deepen cooperation, particularly given the alignment between Saudi Vision 2030 and Russia’s 2030 national development goals in economic growth, digital transformation, and technological leadership.

Alkhorayef noted that the launch of the Saudi-Russian Joint Committee in 2002 and the opening of the Saudi commercial attaché office in Moscow in 2022 marked key milestones in advancing the partnership. He pointed to significant growth in bilateral trade, which surged from $491 million in 2016 to over $3.28 billion in 2024.