The Bahrain Petroleum Company (Bapco) has announced that it has reached a financial close on its multi-billion dollar modernisation programme, the company announced on Monday.

According to senior company officials, the successful closure of the financial package will pave the way for the Bapco modernisation programme (BMP) to move into its next stage.

The modernisation programme is expected to help boost the company’s refining capacity from 267,000 barrels per day to 380,000, as well as enhance its product slate and improve energy efficiency.

“We achieved this by assembling a strong team that worked tirelessly to secure a positive result,” said Bahraini oil minister Sheikh Mohammed Khalifa Al Khalifa.

“Given the size and scale of the BMP, this is a mutually beneficial conclusion for a wide variety of partners from across the globe because it means we can provide a wider product offering and meet higher demand from our customers,” he added.

To finance the project, Bapco brought together five export credit agencies and a syndicate of 21 commercial banks. Financing was formally secured in December 2018 with BNP Paribas, HSBC Middle East and Verus Partners acting as financial advisors.

The BMP is slated for completion by 2022.

“Overall, this milestone not only reinforces our ability to secure funding for megaprojects in Bahrain, but also confirms that the kingdom is an attractive destination for international and regional funding,” the oil minister added.