Bahrain approves plan to separate Bapco from government

: Thursday, February 13 - 2014 @ 11:29

Bahraini lawmakers have been told by the kingdom’s finance minister, Sheikh Ahmed bin Mohammed Al Khalifa, of plans to separate Bahrain Petroleum Co (Bapco) from the government, Gulf Daily News has reported. The move, which has already been approved by the cabinet, would see the company’s revenues separated from the government, said Sheikh Ahmed. “All of the possible scenarios will be presented to parliament and most likely the government will repay what it owes Bapco through instalments in a similar fashion to what it did with Alba before moving it to Bahrain Mumtalakat Holding Co,” he said. “The funding will be done through borrowing and other arrangements in this regard will be made whenever parliament approves our plans, besides other settlements with banks that Bapco has taken loans from to develop the refinery.”

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Thursday, February 13- 2014 @ 11:29 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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