Bahrain begun Tuesday the modernization process of the oldest refinery in the Gulf region.
The government plans to raise its refining capacity from 260,000 barrels per day to about 360,000 barrels a day.
Bahraini Premier Prince Khalifa bin Salman Al Khalifa laid the corner stone for the largest industrial project in the country’s history, in the presence of Crown Prince Salman bin Hamad Al Khalifa.
The project, valued at $4.1 billion, is set to modernize Bahrain Petroleum Company’s (Bapco) refinery.
The project was launched after the completion and expansion of the $300 million oil pipeline linking Bahrain and Saudi Arabia to boost the amount of oil flowing through it.
On the sidelines of the event, the Premier underlined the government's resolve to fast track the Kingdom's development by supporting giant ventures aimed at serving the industrial sector.
He pointed to the importance of Bapco refinery modernization project as one of the major national ventures aimed at developing the oil industry infrastructure and supporting the national economy.
Prince Khalifa shed light on the significance of the project, especially that the oil sector is heading towards a new phase heralding a promising future.
This comes in light with the giant developmental projects that will have great impact in supporting national strategies to achieve sustainable economic growth.
He also stressed the government's keenness to boost investments in the oil and gas sectors and use their revenues to serve development efforts and meet citizens' needs.
The Prime Minister also praised contributions by national competencies in the oil and gas sector and their pioneering achievements, which placed Bahrain among advanced countries in terms of coping with global development and the latest technologies in oil exploration and drilling.
