BMP financial close reached

MANAMA: The Bahrain Petroleum Company (Bapco) has announced that it has reached financial close on its multi-billion-dollar Bapco Modernisation Programme (BMP).

The financial package is a key milestone in the BMP’s progress and its successful closure means Bapco can proceed to the next stage of the project, said senior officials at a ceremony held to mark the occasion.

The modernisation programme is a major undertaking for the company that will help boost Bapco’s refining capacity to 380,000 barrels per day (bpd) from 267,000 bpd, besides enhancing the product slate, energy efficiency and transforming the company into one of the most competitive and environmentally-compliant refineries.

Lauding the Bapco team for the financial close, Oil Minister Shaikh Mohammed Khalifa Al Khalifa said: "We achieved this by assembling a strong team that worked tirelessly to secure a positive result."

Dana Gas included in MSCI Index

SHARJAH: Dana Gas, a leading natural gas company in the Middle East, has announced its inclusion in the Morgan Stanley Capital International (MSCI) for Global Small Cap Indexes, effective 27 May 2019.

The MSCI Emerging Markets Small Cap Index captures small-cap representation across 24 Emerging Markets countries. With 1,571 constituents, the index covers approximately 14 per cent of the free float-adjusted market capitalisation in each country.

The small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets capitalisation segments.