The inaugural function was witnessed by CEOs of the national oil and gas companies, and experts and engineers in the bottom of barrel technology, from around the world.
The event was organised by Euro Petroleum Consultants, with the support of National Oil and Gas Authority of Bahrain, and Bahrain Petroleum Company (Bapco) being the principal sponsor. The BBTC conference has the support of international oil companies in the GCC region.
According to the oil minister, the discovery of tight oil reserves in Bahrain will present a new set of opportunities to the kingdom. "What is happening in the US in the aftermath of the shale revolution will also happen here," said Shaikh Al Khalifa.
"It is encouraging to see that the theme of the conference is on the topics of improving environment-friendly technologies, such as advanced trends in gaining carbon, or enhanced oil recovery in the refining industry," observed Shaikh Al Khalifa.
Shaikh Al Khalifa also mentioned that the marine fuel business is witnessing rapid changes as a result of the decision of International Maritime Organisation (IMO) to reduce sulphur content in bunker fuels used in open seas from 3.5% to 0.5%, which will become effective in January 2020.
"The refining industry is witnessing a qualitative shift in the world markets as a result of the recommendations of the International Convention for the Prevention of Pollution from Ships (Marpol) to reduce the proportion of sulphur in fuel for ships, as well as continuing changes in energy demand and the growth of the world economy and the new challenges such as electric cars," said Shaikh Al Khalifa remarked.
In his speech, the minister also referred to the Bapco Modernisation Programme (BMP) as an important milestone for Bahrain and its bid to boost the downstream refining business. According to him, the BMP, which is into its ninth month of EPC, is proud to be associated with the best technology providers and equipment manufacturers.
The oil minister also opened the exhibition and met many senior executives from different companies from around the world.
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