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.



Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).