Bahrain Allows Foreign Partner to Engage in BMP-Related Activities
2020-05-21 - 10:12 am
Bahrain Mirror: The Bahraini Cabinet agreed in its session on Monday to allow "TTSJV", with 68% foreign-owned capital, to engage in the "service activities related to water transport - management and operation of public and private ports" to serve the Bapco Modernization Program (BMP).
"TTSJV" shall be exempted from the condition of the need to have Bahraini partner, according to the provisions of Article (345) of the Commercial Companies Law, in light of the memorandum submitted for this purpose by the Minister of Industry, Commerce and Tourism.
Bahrain Refinery began its operations in 1936 as the first refinery in the Gulf region and is gradually upgrading its facilities through a series of strategic investment programs to improve its position in the region.
Last week, the Tender Board said that despite the exceptional circumstances the world is experiencing as a result of the spread of the Coronavirus, Bahrain continues to spend on $32 billion major public and private infrastructure projects, which include the completion of nearly 40% of the project to upgrade the Bahrain Oil Company (Bapco) refinery.
The Bapco refinery modernization project works on increasing the refinery's production capacity to 380,000 barrels per day.