Bahrain to spend US$15bn on developing oil, gas

Gulf state will splash out on developing crude oil and natural gas over 20 years
Bahrain to spend US$15bn on developing oil, gas
Oil Minister Abdul Hussain Ali Mirza.
By Bloomberg
Mon 07 May 2012 05:35 PM

Bahrain plans to invest US$15bn to develop crude oil and natural gas resources over the next two decades, Oil Minister Abdul Hussain Ali Mirza said.

The Gulf state wants to raise gas-output capacity to 2.7bn cubic feet per day by 2024, Mirza said today at an industry conference in Bahrain.

It also seeks to invest US$6bn to US$10bn to expand refinery capacity to more than 400,000 bpd from about 260,000 bpd now, he said.

Bahrain's economy has slowed considerably in the wake of Arab Spring unrest hitting the island, which has seen near daily protests since February 2011.

Economic figures published in March 2012 showed that growth slowed in the final three months of last year in a sign that political upheaval was beginning to drag on the nation's economy.

Inflation adjusted GDP growth slowed to 1.3 percent quarter-over-quarter, compared to 2.2 percent quarter-over-quarter in the third quarter of 2011, the country's statistics office said.

* Additional reporting by Arabian Business

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