One Year after "Oil Discovery", Bahrain Signs Letter of Intent with Chevron to Evaluate Discovery and Exploration
The National Oil and Gas Authority signed on Monday (April 1, 2019) a letter of intent with Chevron Company regarding conducting a joint assessment study for the discovery and exploration of oil in the Gulf of Bahrain region.
Foreign Remittances Increase to $3.3 Billion
Remittances by foreign workers in Bahrain increased to about 22.1 million dinars ($3.3 billion) in 2018, according to recent official statistics.
Samir Nass: 2018 was Difficult on Construction Sector
Bahrain Chamber of Commerce and Industry (BCCI) President Samir Nass said that 2018 year constituted a major difficult challenge, in particular on the construction sector, noting the unexpected cost increase of some main constructions materials, as well as the delay of some large projects like Bapco expansion, which had a negative impact on the company's performance.
Bahrain Ignores US Warnings on Chinese Huawei and Spying, Grants it Right to Operate G5 Service
Speaking about Ericsson and Huawei companies starting G5 service in Bahrain, Transportation and Telecommunications Minister Kamal Ahmed stressed that Bahrain is not worried about the spying of Chinese Huawei company on telecommunications in Bahrain.
Bahrain to Use Huawei in 5G Rollout despite U.S. Warnings
Bahrain, headquarters of the U.S. Navy's Fifth Fleet, plans to roll out a commercial 5G mobile network by June, partly using Huawei technology despite the United States' concerns the Chinese telecom giant's equipment could be used for spying.
US Ambassador to Join Bahrain Oil Minister on Tour to Promote Oil Discovery in Bahrain
US Ambassador Justin Siberell said he looked forward to accompanying Bahraini Oil Minister Mohammed bin Khalifa Al Khalifa to Houston to promote an oil field that Bahrain says it has discovered.
US Importers of Bahraini Aluminum Received Customs Exemptions: US Ambassador
The US Ambassador to the Kingdom of Bahrain, Justin Siberell, confirmed that some US importers of aluminum products have received tariff exemptions in a number of cases.
Bilateral Trade between US and Bahrain Reached over 3 Billion Last Year
The US ambassador to Bahrain Justin Siberell said that bilateral trade between Bahrain and his country exceeded $3 billion last year, pointing out the importance of the free trade agreement between the two countries.
Bahrain's Non-Oil Exports Reached 248 Million Dinars in February
Bahrain's total non-oil exports amounted to 248 million dinars in February, annual data of the Customs Affairs Authority showed.
Bahrain Central Bank Cuts One-Month Deposit Rate
Bahrain's central bank said it cut its one-month deposit rate to 3.10% from 3.25% on Wednesday, but kept rates for overnight and one-week deposit facilities unchanged.
Saudi Development Fund Finances Oil and Gas Projects in Bahrain with $300M
Saudi Arabia and Bahrain, two representatives of the Saudi Fund for Development, and the Bahraini Oil and Gas Holding Company signed an agreement to fund oil and gas projects in Bahrain worth $300 million, in the presence of Oil Minister Mohammed bin Khalifa Al Khalifa.
British Firm to Manage Bahrain World Trade Center and Moda Mall
A British real estate company signed on Sunday (March 10, 2019) an agreement under which it manages Bahrain World Trade Center and Moda Mall.
Moody's: Low Oil Prices Increase Gulf Countries' Debt Accumulation
Low oil prices increase the credit challenges of the Gulf Cooperation Council (GCC) states, especially Saudi Arabia, Kuwait, Oman and Bahrain, said Moody's credit ratings agency.
US State Department Condemns Torture in Bahrain
The US State Department condemned human rights violations in Bahrain, which include arbitrary arrest, detention of political prisoners and torture.
First Shale Oil Well to be Pumped within Next Two Months, Says Tatweer Petroleum Official
The production process of the first shale oil well in Bahrain will begin next April or May, said a Tatweer Petroleum official.
Bahrain's Bapco Sees Oil Trading Opportunities as it Expands Refinery
Bahrain plans to commission its expanded oil refinery by early 2023, allowing it to sell and trade more petroleum products in the Gulf region and Asia, the chief executive of state-owned oil company Bapco said.
Alba Agrees on Disbursing Quarter Million BD to Board Members for Successful Operation of Line 6 Expansion Project.
The General Assembly of the Bahrain Aluminium Company (ALBA) has approved an annual financial reward of about a quarter million BD for board members, at a time when the country is working to reduce its expenses to confront the rise of public debt.
IMF Expects Bahrain Economy to Grow 1.8 pct in 2019
Bahrain's economy is expected to grow around 1.8 percent in 2019, the same pace as last year, the International Monetary Fund said late on Tuesday.
Fitch: Voluntary Retirement Scheme to Save up to 166 M Dinars
Fitch estimated that there would be $3 billion to $5 billion outstanding external debt in the period from 2019 to 2022, noting that 8.7 thousand employees had applied for Voluntary Retirement Scheme out of about 48,000 employees, which would save an amount of 166 million dinars in 2019 (11% of the wage bill for 2018).
Oil Minister: Shear Zones Surveys Taking Place
Bahraini Oil Minister Mohammed bin Khalifa Al Khalifa said that a petroleum development company is currently conducting surveys of the shear zones with a company, without mentioning further details.