Manama : Bapco and Technip consortium will sign Bahrain refinery expansion contract by the end of this month, said Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa yesterday.
Speaking on the sidelines of the 2nd Middle East Refining Technology Conference, the Minister said: “Expansion works, expected to enhance refining capacity to 400 thousand barrels, will begin in about 48 to 50 months.”
When asked about the progress of the Bahrain-Saudi Oil pipeline works, the minister said: “More than 50% of the replacement and upgrading works of the 70-year old Bahraini-Saudi oil pipeline had been completed.”
The pipeline, ready to run by the end of 2018, will be buried underground far away from residential areas and will be monitored by security agencies.
The minister also revealed that total oil investments in projects under construction during 2018 tops $6 billion. On oil prices, the minister said he expects oil prices to exceed $70 per barrel during 2018.