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Economy... |
Bahrain is a well-known offshore banking centre and international and regional inter-bank money market. Production of oil and natural gas and refinement of petroleum are also major economic activities in Bahrain. Industrialisation and private sector investment in sectors such as tourism are encouraged. The majority of Bahrain’s food is imported, but agriculture also contributes to the local food supply. Dates, bananas, mangoes, and vegetables are the main crops. The traditional industries of Bahrain are dhow (Arab sailboats) construction, fishing, pearling, and the manufacture of reed mats. |
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Banking&Finance... |
Bahrain institute of Banking & Finance(BIBF) is a leading professional training Institute in Bahrain and the Gulf Region. It was founded in 1981 to provide essential training for the banking community in Bahrain. Since then it has evolved into an internationally recognized training and development organization where over 35,000 students have attended courses since its inception.
BIBF has been recognized as a provider of superior value, uncompromising high levels of customer satisfaction and results-oriented solutions.
BIBF enjoys strategic relationships with internationally recognized professional organization which deliver programs jointly with BIBF. Among such organization, for example, are Federal Reserve Bank of New York, American Bankers Association, US Securities and Exchange Commission, NASDAQ, Darden Graduate School of Business (University of Virginia), DePual University, Bentley College, University of Wales, University of Cambridge International Examinations, Chartered Institute of Bankers, Chartered Association of Certified Accountants and Chartered Insurance Institute. |
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Industry... |
Bahrain's oil industry began more than 70 years ago. Most people are surprised to learn that Bahrain was pumping oil years before Saudi Arabia began its own search for black gold.
The Standard Oil Company of California formed the Bahrain Petroleum Company (Bapco) in 1929. Bahrain's first well was spudded in October 1931, and oil was found in 1932 at Jebel Dukhan, or Smokey Mountain. "Well Number 1" -- now a tourist site in Bahrain -- produced 9,600 barrels a day.
In 1936, Bapco constructed a small 10,000 barrels per day refinery, and shipping and tank facilities were built. Before long, Bapco was expanding its refining operations and began working with Saudi Arabia, by bringing in some of its crude oil.
In 1945 an underground pipeline was laid from Damman, Saudi Arabia to Sitra, Bahrain, 54 km away. At the time, it was the longest commercial underwater pipeline in the world.
The seventies saw the Bahrain Government's gradual participation in the producing and local marketing operation of the Refinery, taking over 100% of these operations in 1979. The operating responsibility was placed with Banoco, which was formed in 1976.
The objective was to enable the Refinery to upgrade its main products with more environmentally friendly specifications, and to improve the production efficiency, which would ensure Bapco would remain competitive into the new millennium. |
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Government... |
In 1999, the government of Bahrain announced it would merge its two companies, Banoco and Bapco. The Supreme Oil Council announced the intent to merge the two companies into a single new entity to be called the Bahrain Petroleum Company.
"The government has decided to consolidate the oil industry in Bahrain and to merge the upstream and downstream sectors, thus it will merge Banoco and Bapco. This provides an opportunity to improve efficiencies and benefit from the economies through integration of services," said Lubbe.
" In the past, Banoco handled the exploration and production of crude oil and marketing of products, whereas Bapco handled refining, shipping and administration of general facilities.
"By making it one company, we can streamline and improve productivity and then optimize the value chain - from exploration, production supply to refining, marketing, etc., so that we can maximize the profit from the total operation," Lubbe said.
"The Bahraini Government is our shareholder. We know from benchmarking analysis how we rate in competitiveness in terms of international markets. We have state-of-the-art practices.
"As other countries change to make products environmentally friendly, we will have to follow. And Bahrain also has its own set of environmental standards," explained Lubbe, who admits a tremendous appreciation of Bahrain's eco-tourism. "The variety of birds on this island is astonishing; we've spotted migratory birds here that we've often seen in Africa," he said. |
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