PROJECTS: Bahrain’s BAPCO set to announce 2021 investments

PROJECTS: Bahrain’s BAPCO set to announce 2021 investments

Bahrain's national oil company BAPCO will announce a new investment programme in 2021 as part of its expansion programme to shift to high-value products, its chairman said.In an interview with Gulf Intelligence on Wednesday, BAPCO Chairman Dawood Nassif said the current and planned new investments would help the company shift the barrel upwards into high-value distillates and hasten its exit from the fuel oil business."The future is clear for us - our barrel is focused on diesel and jet fuel, and naphtha to be converted into higher-value petrochemicals," he said during the interview.Nassif explained that fuel oil doesn't have a future in BAPCO's product slate with prices below languishing crude, and more stringent IMO [International Maritime Organisation] regulations in the works.The current investment [more than $6 billion BAPCO Modernisation Programme