Bahrain’s long-planned upgrade and expansion of its Sitra refinery has reached financial close. After years in the doldrums Bahrain is now making progress with ambitious upstream and downstream projects.
Bahrain’s new-found energy optimism follows last year’s major unconventional discovery. The party continues, with the 19 May announcement by state petroleum firm Bapco that it has reached financial close on its Bapco Modernization Program (BMP) project to expand and upgrade its Sitra refinery to 360,000 b/d.
Bapco has lined up five export credit agencies (ECAs) and a syndicate of 21 commercial banks to finance the project, according to Bahrain News Agency (BNA). The funding will include a combination of commercial and Islamic banking provided by both regional and international banks. France’s BNP Paribas, UK-based HSBC Middle East and UK’s Verus Partners acted as financial advisors.
While the amount of funding...