"Oil discovery will boost Bahrain's competitiveness"

Manama, Apr. 3 (BNA): Bahrain Chamber of Commerce and Industry (BCCI) and the business and industrial community in Bahrain lauded the royal directives to give utmost priority to oil exploration to increase the kingdom’s revenues according to the comprehensive development march spearheaded by HM the King. Those directives, they said, resulted in the discovery of the biggest ever oil field in the kingdom’s history which will undoubtedly contribute to enhancing Bahrain’s competitiveness, help carry on with the development projects and initiatives as well as honour obligations towards brotherly countries and global financial markets. The remarks were made at a meeting held yesterday between BCCI Board of Directors, presided by its Chairman Samir Abdullah Nass, and Minister of Oil Shaikh Mohammed bin Khalifa Al Khalifa who gave a presentation on oil and deep gas oil exploration projects. The minister also reviewed future steps to be taken regarding the ready oil and gas locations and the estimated quantities of oil and gas there in light of the geological surveys and studies conducted in this respect.  The BCCI Board Chairman hailed the achievement which, he said, will play a pivotal role in invigorating Bahrain’s economy by increasing the size of infrastructure projects. He also pointed out the positive impact the discovery will have on the financial markets and oil-related industries. He noted that the new discovery will further boost comprehensive development, support the strategic economic plans and foster confidence in the national economy and ensure its stability. He also added that the discovery will further enhance global confidence in Bahrain’s economy, support the funding and investment movement and contribute to attracting foreign investments. The BCCI Board Chairman lauded the role of the government, led by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, in providing all needed facilities which undoubtedly paved the way for the major oil discovery. He also commended the efforts of the Higher Committee for Natural Resources and Economic Security, under the chairmanship of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, in bringing about the national accomplishment in line with the royal directives to intensify oil exploration. He thanked the Oil Minister and the officials in charge of the oil sector as well as the national oil companies for their remarkable efforts in this regard.