Bahrain’s new oil and gas projects are designed to be financially self-sustainable and will add to the kingdom’s natural resources, said the Minister of Oil Shaikh Mohammed Bin Khalifa Al Khalifa.
Participating in the Falak Consulting quarterly Power Lunch as the guest of honour Shaikh Mohammed highlighted the importance of sustainability and its role protecting Bahrain’s economy for present and future generations.
“All decisions taken related to subsidies are made with the long-term protection of Bahrain’s citizens in mind and allows for sustainable prosperity for future generations,” he said.
The minister discussed the launch of four key projects -- The Exploration of Deep Gas Zones in the Bahrain Oil Field with its 44,000 and 45,000 production output capacity; Banagas’ 600 million sq ft of APG attracting investment by local banks totalling $515 million and is set to yield high rate of return; Bahrain LNG Import Terminal, the first of its kind in the kingdom with its ability to dock, transport and store LNG. Financed by a collection of international banks totalling $741 million; and Bapco’s Modernisation Programme, the single largest investment in Bapco’s history, set to increase refinery competitiveness, improve energy efficiency and meet environmental compliance, valued at $5 billion.
Shedding light on the benefit to citizens as well as the context of recent economic changes, he said: “Bahrain’s citizens and society are the foremost priority following the country’s recent economic changes. The time is crucial to educate ourselves about our consumption as a nation and to look to the positive impact these changes will achieve for everyone in the future; the return on subsidisation yields better economic growth and allows Bahrain the opportunity to keep pace with other Gulf countries with a proven record of success.”
“As the investment of past generations is still being reaped in the present, we too must look to long-term profitability, which will safeguard the kingdom’s continued economic prosperity and will ensure a better standard of living and quality of life for its society for future generations.”
Commenting on the successful event, Suhail Algosaibi, CEO of Falak Consulting said: “At Falak Consulting, our priority is the betterment of Bahrain’s economy and potential. A crucial step in achieving this is by engaging key opinion leaders and policy makers at our quarterly Power Lunch and to establish a constructive dialogue around topics such as the country’s dynamic economy and changes to the business environment.”