Bahrain - Plans are underway to issue IPOs for Bapco Refining, Shura Council members heard yesterday.

Oil and Environment Minister Dr Mohammed Bin Daina told members during their weekly session that the parent company, Bapco Energies, will continue to be the majority shareholder.

He also stressed that 500 Bahrainis have been employed in Bapco Energies following the new expansion.

These employees have been trained and made capable to manage new technologies and developments.

Dr Bin Daina added that the refinery would gradually expand, in phases, to allow transitional operations.“Bapco Refining will close the old equipment in sequence and operate the new until the full 400,000 daily oil barrel is reached from 265,000 barrels,” he said.

“This comes as we have employed 500 Bahrainis to handle the responsibility,” he added.

“Part of the old Bapco Refinery will be turned into a museum showcasing the landmark discovery in 1928 and advancements from then till date over the years.”

He pointed out that Bapco Refining, while being the original, now falls under the umbrella of Bapco Energies.“Under the old formation, Awali Hospital and Awali Town were under Bapco Refining, but this was wrong, as purchases, mainly medical, were prohibited for anything non-oil without a separate commercial registration,” said Dr Bin Daina.

“This is why they had to become separate entities not under Bapco Refining, but Bapco Energies.“It also falls in line with plans to have IPOs issued for Bapco Refining, while Bapco Energies works on new opportunities.”

His comments have come as a royal decree renaming Bapco Refining and granting it the ability to set up new subsidiaries was unanimously approved by the upper chamber yesterday (Dec 29).The decree was approved by MPs unanimously last Tuesday.

Shura Council financial and economic affairs committee chairman Khalid Al Maskati pointed out the need for diverse activities under the umbrella of Bapco Refining to meet growing demands.

He outlined the importance of this move for the nation’s economic and healthcare development. “There is need to merge certain companies under Bapco Energies to enhance operational efficiency and increase productivity,” he said.“This is return would develop and expand oil operations in multiple fields.”

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