By: Ramy Sameeh
Abu Dhabi-Mubasher: Bahrain is seeking expansion of oil refinery through investments worth about $5 billion, said Bahrain’s oil and gas affairs minister Abdul Hussain Mirza.
Mirza noted that Technip Italy is expected to finish the engineering designs of the refinery by the first quarter of 2016.
The minister noted, on the sidelines of World Future Energy Summit 2016 which is held in Abu Dhabi, that the expansion targets raising the oil production to 360,000 barrels per day from 260,000.
Bahrain will build a station for importing liquefied gas. He said that construction works are expected to finish in 2018, he added.
Answering Mubasher’s question on oil prices, the minister expected oil prices to recover in a year from now. He added that a number of companies will exit the market, which will lead to a decrease in supply.
