Bahrain’s Bapco completes multibillion-dollar financing

Around 88 percent of the crude that Bapco refines comes from neighboring Saudi Arabia, and the rest from Bahrain’s field. (File/Courtesy of Bapco)
Updated 19 May 2019

Bahrain’s Bapco completes multibillion-dollar financing

DUBAI: State-run Bahrain Petroleum Co. (Bapco) has completed a multibillion-dollar financing aimed at expanding its refining capacity to 380,000 barrels per day (bpd) from 267,000 bpd.
Bahrain, a small non-OPEC Gulf oil producer with around 124.6 million barrels of proven reserves, gets its oil revenue from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared with Saudi Arabia.
Around 88 percent of the crude that Bapco refines comes from neighboring Saudi Arabia, and the rest from Bahrain’s field.
The refinery’s expansion is projected to be completed by 2022, Bapco said in a statement on Sunday.
It did not disclose the size of the financing, but sources previously told Reuters it was over $4 billion.
Five export credit agencies and a syndicate of 21 commercial banks — regional and international — took part in the financing, which includes conventional and Islamic loans, Bapco said.
BNP Paribas, HSBC Middle East and Verus Partners advised the firm on the deal.


Saudi Arabia and Virign Hyperloop One sign deal to exchange scientific and technological knowledge

Updated 3 min 8 sec ago

Saudi Arabia and Virign Hyperloop One sign deal to exchange scientific and technological knowledge

  • The hyperloop company and the KAUST university signed the partnership at the Future Investment Initiative (FII)
  • They both agreed develop the country’s transportation infrastructure by “fostering the exchange of scientific and technological knowledge”

RIYADH: US-based Virgin Hyperloop One (VHO) recently signed a memorandum of understanding with Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) to in a project to develop the Kingdom’s transport sector.

The globally-leading hyperloop company agreed with the university to develop the country’s transportation infrastructure by “fostering the exchange of scientific and technological knowledge,” according to a statement.

The California-based company and the Kingdom's leading private research institution signed the partnership at the Future Investment Initiative (FII) in Riyadh earlier this month.

The announcement came after the leading developer of hyperloop technology and King Abdullah Economic City (KAEC) published the findings of a feasibility study on the establishment of a centre of excellence at KAEC.

The study included the world's first full-speed testing track and a manufacturing facility from which Hyperloop parts would be exported to another market.