HRH Crown Prince of Bahrain chairs weekly Cabinet meeting

Manama, Jan. 14 (BNA): His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, today chaired the weekly Cabinet meeting at Gudaibiya Palace.   During the meeting, HRH the Crown Prince stressed the importance of further strengthening collaboration between the Executive and Legislative authorities.   In this regard, HRH the Crown Prince directed the government to ensure active cooperation with the Council of Representatives during discussions related to the Government Action Plan 2019- 2022.   HRH the Crown Prince highlighted the importance of supporting sustainable economic growth, in order to benefit citizens, and achieve the Kingdom’s comprehensive development plan, led by His Majesty King Hamad, and in order to achieve the goals and priorities set out by the government, led by HRH the Prime Minister.   In this regard, HRH the Crown Prince noted the pivotal role of the oil and gas sector to the national economy and welcomed the signing of an MoU between the National Oil and Gas Authority (NOGA) and the Italian company Eni.   A number of submissions, memorandums and proposed laws were discussed during the meeting. The Cabinet outlined the following outcomes:   Oil & gas sector development   The Cabinet reviewed the government’s progress on oil & gas sector projects intended to ensure sustainability and international competitiveness   The total investment in major development projects within Bahrain’s oil & gas sector is estimated at $8 billion, and is as part of a priority infrastructure development programme worth $32 billion, the largest in Bahrain’s history.   The oil & gas projects in question include the Banagas expansion project, LNG terminal project, oil pipeline project, Bapco expansion project, airport fuel tanks project, as well as the oil & gas exploration project.   Banagas expansion and the oil pipeline projects have recently been completed, and a further two projects will be completed this year. These include the LNG terminal project and the airport fuel tanks project. The Bapco refinery modernisation project will finish during the second half of 2021.   The Minister of Oil briefed the Cabinet on the progress of each project and their implications for the Kingdom’s developing private sector. The Cabinet also reviewed the latest reports on exploration projects covering shale oil and natural gas in different parts of the Kingdom.   Gulf Payments Company   The Cabinet approved the agreement establishing the Gulf Payments Company, which was ratified during the Supreme Council of the 37th Gulf Cooperation Council. The new company, owned and financed by monetary institutions and central banks of the GCC, aims to drive economic integration and strengthen economic and financial cooperation between the Gulf countries, which will in turn contribute to the strengthening of the banking system among the Gulf States.   Kingdom of Bahrain & the Nation of Brunei, the Abode of Peace   The Cabinet approved a draft law on the ratification of an air service agreement between the governments of the Kingdom of Bahrain and the Nation of Brunei, the Abode of Peace, signed in the Kingdom of Bahrain on November 14th, 2018, and due to be referred to the Legislative Authority. The agreement aims to enhance cooperation in the field of air transport services between Bahrain and Brunei, as parties to the Convention on International Civil Aviation (the Chicago Convention).