His Royal Highness the Prime Minister, who opened the $435 million Bahrain’s Refinery base lube oil production project which is a joint venture between the National Oil and Gas Authority (NOGA) – represented in Bahrain Petroleum Company (Bapco) and the Oil and Gas Holding Company – and the Finnish Nesti-Oil Corporation, said Bahrain has been one of the first countries in the region in which oil was discovered.
“Oil and gas industry has been given special care through strategic plans for production, maintenance and exploration in order to ensure sustainability of this vital resource which plays a significant role in providing the Kingdom of Bahrain’s needs for current and future development,” HRH said.
His Royal Highness the Prime Minister cited the pioneering project in addition to existing oil projects in Bahrain which open new job opportunities commensurate with the government’s inclination to invest in human resources which is our truly non-exhaustible wealth.
His Royal Highness remarked that Bahrain Petroleum Company (Bapco) constitutes one of the most vital citadels of industrial production in the Kingdom of Bahrain, stressing keenness to develop and expand this bastion and provide it with latest modern tools in order to carry on its pioneering national role and it is considered an ancient school from which generation after generation of Bahrainis graduated and contributed with their efforts and sweat in building the country’s progress.
His Royal Highness the Prime Minister also emphasized the policy of diversification of sources of revenue adopted by the Kingdom of Bahrain helped the country in protecting itself from repercussions of regional and global economic crises.
His Royal Highness reiterated the government’s commitment to preserve Bahrain’s distinguished position as one of the most preferred destinations for investments in the Middle East.
“Persistent economic growth and the increasingly growing national development require magnification of efforts in order to conserve and increase our country’s available natural resources and stressed the need for expanding the circle of research in the area of renewable energy,” he said.
“The government is working in both routes in order to ensure our development plans’ proceeding nonstop in all sectors.” His Royal Highness praised existing investment cooperation with international conglomerates operating in the oil and gas sector in view of its positive effect in developing techniques and methodology of oil exploration and production in order to provide advanced infrastructures which are considered an addition to the government’s projects.
The Minister of Energy Dr. Abdul Hussain bin Ali Mirza hailed His Royal Highness the Prime Minister for his role and indelible fingerprints in the oil refining and industrial development in Bahrain, citing His Royal Highness inauguration of lead-free gasoline project in the year 2000 and the giant low-sulfur diesel project in the year 2007.
“His Royal Highness the Prime Minister kindly inaugurated the $430 million worth base lube oil production project today which is the first of its kind and which is anticipated to generate 30% investment revenue per annum. The world class high quality production project’s capacity is estimated at 400,000 tons per year,” the Minister explained.
Nesti Oil Corporation’s CEO in his speech expressed utmost gratitude and appreciation to His Royal Highness the Prime Minister for his kind patronage of the inaugural ceremony, asserting Neste Oil Corporation’s pride in its partnership with the Kingdom of Bahrain in this project which is expected to reap benefits for all. He also pointed out through this ambitious project, Nesti-Oil Corporation is expected to produce high quality lube oil products in this factory and sell to international grease oil manufactures. Base lube oil from this factory shall be used in Mercedes Benz, BMW and Porsche auto engines.
A documentary film which narrates the Kingdom of Bahrain’s oil industry was also displayed. Then poet Shaikha Loulwa bint Khalifa Al Khalifa recited a special poem on this occasion after which His Royal Highness the Prime Minister inaugurated the project.