Monday, May 24, 2010

Progress made on Bahrain-Saudi pipeline

MANAMA, Bahrain,  (UPI) -- Designs and planning for the route of a new crude oil pipeline from Saudi Arabia to Bahrain are expected later in 2010, a Bahraini official said in Manama.

Bahraini Oil and Gas Affairs Minister Abdul Hussein Mirza told delegates at a petroleum conference in Manama that the $350 million project would increase energy security in the region.

"The 70-mile pipeline will use a safer route that avoids going through inhabited areas and will also use state-of-the-art technology," he was quoted in Gulf Daily News as saying.

The planned pipeline is expected to increase Saudi Arabian crude oil exports to Bahrain. The project, the second such project for Bahrain, would help the Persian Gulf kingdom expand operations at its national refineries.

The project was scrapped earlier as the market collapse in 2008 and 2009 wreaked havoc on world economies.

"We are today placed in a very inflationary environment but we have taken the challenges head-on and reacted proactively to retain our competitive edge and stay on course for continued growth and earnings in line with market expectations," Mirza said.

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