• Bahrain Oil Minister: Completion of pipeline to Saudi Arabia in 2018


              A new oil pipeline with a capacity of 350,000 barrels per day will be complete in Saudi Arabia next year to serve the planned expansion of the capacity of a refinery in Bahrain, while a gas pipeline is being studied, said Sheikh Muhammed Al Khalifa, the minister of oil.
    Sheikh Muhammed said in an interview with Reuters that Bahrain was in the final stages of negotiations with an advanced company with a preferential offer to expand its oil refinery. The contract is expected to be before the end of the year.
    Bahrain is also building its first terminal, which will allow it to import LNG for local use. Sheikh Muhammed said Saudi Aramco was likely to use the plant as part of a wider scheme to link the Gulf states with a gas pipeline. It is noteworthy that the Bahraini oil minister, announced in September, the completion of more than 50 per cent of the construction work and modernization, for the oil pipeline project between Bahrain and Saudi Arabia.
    Al-Khalifa said the project was proceeding in full swing as planned and budgeted, in order to double the capacity of the current pipelines, which have been over 70 years old, adding that the pipes are being buried in southern Bahrain.
    The project aims to replace and change the current pipeline path and increase the capacity of pipelines from 230,000 to 350,000 barrels per day. The cost of the project ranges from $ 300-350 million.
    Oil will remain the most important commodity in the world, and the Gulf region, the world's leading strategic location, will continue to have the largest oil reserves and the highest production rates, the oil minister said.
    He predicted that the price of a barrel of Bahraini oil next year, to about $ 55, the price estimated for a barrel of oil in the state budget for the fiscal years 2017 - 2018.
    Bahrain is the least oil-rich country in the Gulf Cooperation Council and produces about 200,000 barrels of crude per day.

© All Rights Reserved for Asharqia Chamber