Latest news with #BapcoModernizationProgram
Asharq Al-Awsat
06-05-2025
- Business
- Asharq Al-Awsat
Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth
Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data. Growth was driven primarily by a 4.6% increase in non-oil activities, while oil activities declined by 3.5% over the same period, data from the Gulf nation's Information and eGovernment Authority showed. For 2024, Bahrain's real total gross domestic product grew by 2.6%, according to the statement. According to projections from the ministry, Bahrain's real GDP is expected to grow by 2.7% in 2025, due to a 3.4% expansion in non-oil activities, coinciding with the operation of the Bapco Modernization Program. The Bapco Modernization Program, one of Bahrain's largest energy investments, is expected to significantly raise refinery output, bolstering fiscal revenues amid efforts to diversify the economy. Growth is forecast to reach 3.3% in 2026, supported by a 3.9% increase in non-oil activities. "However, the forecasts will be closely monitored and updated to account for the ongoing global uncertainty and escalating turmoil that may affect the economic projections," the ministry said. Last month, global ratings agency S&P Global downgraded Bahrain's outlook to "negative" from "stable", citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden. Escalating trade tensions have added to global economic uncertainty, clouding macroeconomic forecasts and weighing on investor and policymaker confidence around the world.
Daily Tribune
16-04-2025
- Business
- Daily Tribune
Bapco Energies Delivers Strategic Successes in Line with Bahrain Vision 2030
His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs and Chairman of the Board of Bapco Energies, praised the exceptional achievements of the integrated energy group during the first quarter of 2025. Bapco Energies continues to spearhead the transformation of Bahrain's energy sector, contributing significantly to the national economy and strengthening investment opportunities. Chairing the Board of Directors' meeting for Q1 2025, His Highness commended the group's efforts in building and managing a diversified portfolio of national energy companies aligned with Bahrain's Economic Vision 2030. The meeting included a comprehensive review of the progress made toward the strategic goals set at the beginning of the year. HH Shaikh Nasser highlighted the pivotal role played by the executive management in 2025, particularly in fostering strategic partnerships. Notably, the successful issuance of USD 1 billion in Sukuk with a 10-year maturity and a key agreement signed with EOG International, a U.S.-based company specializing in crude oil and natural gas exploration, marked major milestones for the group. The board also reviewed the consolidated financial statements for the fiscal year ending December 31, 2024. The results reflect the group's robust financial performance despite global economic challenges. Emphasis was placed on Bapco Energies' operational excellence and its vital role in reshaping Bahrain's energy landscape through centralized functions and streamlined core business operations. During the session, Group CEO Mr. Mark Thomas presented the executive report detailing Q1 accomplishments. The presentation included in-depth updates on the company's overall performance and ongoing major projects, such as the Bapco Modernization Program (BMP) and the latest developments in exploration and production activities led by Bapco Exploration & Production. Bapco Energies continues to position itself as a key player in advancing Bahrain's energy ambitions while ensuring sustainable and impactful contributions to the national economy.
