Bapco Raises $4 Billion to Expand Refining Capacity

The non-OPEC gulf oil producer Bahrain Petroleum Co. (Bapco) has raised multibillion-dollar investment to expand refining capacity from 267,000 barrels to 380,000 barrels per day.

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The French international banking group BNP Paribas, HSBC Middle East and Verus Partners gave this financial advice to Bapco.

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The refinery expansion is planned to be completed by 2022. Initially, the investment was undisclosed but according to Reuters, the amount is over $4 billion. The five export credit agencies and 21 commercial banks (regional and international) participated in the funding which also involves conventional and Islamic loans.

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