Bahrain sustains leadership role in oil, refinery sector
Manama, Feb. 14 (BNA): The Refinery Modernization Project will enhance quantity and quality and improve energy efficiency, making it one of the most competitive refineries in compliance with environmental standards in the world.
This was stated by Oil and Environment Minister and Special Envoy for Climate Affairs Dr. Mohammed bin Mubarak Bin Daina in his opening remarks at the second Gulf Downstream Association (GDA) International Downstream Conference and Exhibition.
Held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, the three-day event themed Downstream Turning Points - "Capitalising on Transformation" is attracting over 5,000 delegates who include industry executives and would provide a rare opportunity for the industry leaders.
"Bapco Refinery Modernisation Project, which is continuation of many development projects in this vital sector, is considered one of the largest strategic projects aiming at increasing the daily refining production capacity from 267,000 barrels to 380,000 barrels per day," the minister said.
The interest of His Majesty King Hamad bin Isa Al Khalifa and the continuous follow-up of His Royal Highness the Crown Prince and Prime Minister reflect keenness of the government to support various activities and conferences Bahrain aimed at achieving the goals of the comprehensive development process.
The minister stressed that oil, gas and petrochemical sector conferences are among the global forums in the Middle East.
Dr Bin Daina said that the Bahrain Refinery Project would achieve the desired transition to a new phase through the use of industrial digital transformation technologies, applications of artificial intelligence, uses of the fourth industrial revolution, and smart solutions.
He noted the conscious strategies to activate a dynamic performance management system expected to be completed during the current year.
The minister pointed out that the conference is a good opportunity to explore investment opportunities and incentives for large vital projects in the countries of the Gulf Cooperation Council (GCC) and the Middle East region.
It is also an opportunity to exchange information and experiences in order to enhance capabilities and boost skills to improve productivity in conformity with international standards, which contributes to creating competition in the field and enhancing the attractive environment for investments in the oil sector.
He noted that the conference is an opportunity to discuss various topics, current challenges and appropriate solutions for the growth and prosperity of the refining industry through the implementation of new strategies and business models and the establishment of joint ventures.
It also covers the search for modern technologies capable of achieving the desired goals in the field of refining, processing and marketing.
He stressed that the refining industry in the Middle East is going through continuous growth in investment, thanks to its great importance in developing and diversifying the national economy, despite the current challenges.
The minister said that the GCC region is committed to maintaining its leadership and developmental position in the energy market by meeting the needs of energy and its derivatives for all partners from various countries without interruption and with high-value products that are compatible with international low-carbon and environmentally friendly standards.
Discussions at the conference address challenges and opportunities for the growth of the refining industry, flexibility, decarbonization and sustainability, obstacles and digitization in the refining and processing sector, marketing and human capital management, market analysis and industry trends.
The conference features major sessions, technical workshops, and an exhibition that includes more than 500 specialized companies from different countries.
