The $4 billion expansion of oil refinery, the biggest industrial project in the history of Bahrain, will see it begin to sell and trade more petroleum products in the Gulf and Asia by early 2023, according to the CEO of state-owned oil company Bapco.
Pete Bartlett said the expansion is on track to be finalized and will increase the capacity of the Sitra oil refinery by 34.8% from 267,000 barrels per day (bpd) to 360,000 bpd, he told Reuters.
Bapco, which currently receives 220,000-230,000 bpd of crude from oil giant Saudi Aramco, will import the same volume during the refinery’s expansion.
Non-OPEC oil producer Bahrain has around 124.6 million barrels of proven reserves and gets its oil revenue from two fields including the onshore Bahrain 50,000 bpd field and the offshore, 300,000 bpd Abu Safah field, which it splits revenues from with Saudi Arabia.
The expansion of Bahrain’s refinery may lead Bapco to focus more on spot trading, although it is unlikely to set up its own trading joint venture as other national oil companies in the Middle East have, Bartlett said.
Source: Arabian Business