Oil Minister highlights five new mega projects

Manama, Feb. 4 (BNA): Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa has highlighted the importance of sustainability and its role protecting Bahrain’s economy for present and future generations. "All decisions taken related to subsidisation are made with the long-term protection of Bahrain’s citizens in mind and allows for sustainable prosperity for future generations," Shaikh Mohammed said as he participated as the Guest of Honour at the Falak Consulting quarterly Power Lunch. The event brought together Bahrain’s business community leaders, government officials, entrepreneurs and top industry members. As part of the dialogue at the event, Shaikh Mohammed shed light on the recent economic changes implemented within the Kingdom and their long-term benefit to the citizens of Bahrain and its economy. Shaikh Mohammed also highlighted the launch of five new projects, designed to be financially self-sustainable and will add to the Kingdom’s natural resources versus subtracting from them. He emphasised that due to their strength and long-term financial appeal, the projects have gained substantial investment by local, regional and global banks. Key projects include the Exploration of Deep Gas Zones in the Bahrain Oil Field with its 44,000 and 45,000 production output capacity and Banagas’ 600 million square feet of APG attracting investment by local banks totaling $515 million and is set to yield high rate of return. The projects also include Bahrain LNG Import Terminal, the first of its kind in the Kingdom with its ability to dock, transport and store LNG, and financed by a consortium of international banks totaling $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, the minister said: "Bahrain’s citizens and society are the foremost priority following the country’s recent economic changes. This 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 are still being reaped in the present, we too must look to long-term profitability, which will safeguard the Kingdom’s continued economic flourishment and will ensure a better standard of living and quality of life for its society for future generations." 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 constructive dialogue around topics such as the country’s dynamic economy and changes to the business environment. The lunch event provides an ideal platform and candid setting to facilitate dialogue with key individuals and change makers in attendance. To that end we are honoured by the vital contribution of Shaikh Mohammed as he sheds valuable insight into Bahrain’s future as it relates to our oil industry and business-friendly outlook." Launched in April 2015 and in its dedication to building a stronger economy and prosperous society by unlocking business and human potential, the gathering was designed to bridge the gap between policy makers and the business community.