The decision was taken at a regular meeting of the Bapco Board of Directors held on Wednesday at the Bapco refinery.
On behalf of the Board, the Chairman expressed thanks and appreciation for the valued continuous support of the Wise Political Leadership and pledged the dedication of the board, the executive management and the employees to the continued positive contributions to the national economy.
The Chairman thanked Shaikh Ahmed bin Mohammed Al Khalifa the Minister of Finance and Minister in Charge of Oil and Gas Affairs and Chairman of the National Oil and Gas Authority for his guidance and support in the ongoing success of the Company.
The board reviewed operating and financial performance during the current year so far and the operational and market outlook for the rest of the year. Progress of budgets preparation for 2014 that is nearing completion was reviewed. The board noted the positive measures that have been taken to date on cost control considering the cyclical nature of the refining industry and the short to medium term outlook in this regard. The status of the modernization programme was reviewed and directives issued.
A number of corporate governance issues as well as streamlining initiatives such as revised schedule of authorities were reviewed. The Board was updated on progress of compliance with previous National Audit Office audits as well as actions on recently completed audits and expressed satisfaction with progress made.
Management and employees were thanked for their dedication for the ongoing success of the Company.