Bapco seeks expansion funding

Manama: State-owned Bahrain Petroleum Co., or Bapco, is seeking financing between $4.8 billion and $5.5 billion to partly fund a large-scale expansion.

Bapco is expected to receive the financing’s first tranche, amounting to $1 billion, by mid-2014, Gordon Smith, the company’s chief executive, said. The plan to develop the country’s only oil refinery is made up of five phases and the third phase to complete by mid-2013 and in this phase it will select the technology for the project and start awarding the deals.