(MENAFN) Bahrain's Bahrain Petroleum Co. (BAPCO) said that the kingdom has decided to delay its decision regarding the proposed project of expanding the country's oil refinery, Arab News reported.
BAPCO said that the proposed expansion would boost the capacity of the Sitra refinery by 100.000 barrels per day (bpd) from its existing capacity of 267.000 bpd.
"We are in FEED (Front-End Engineering Design) right now, and we will be in that stage in 2015. We will present the kingdom with a plan to proceed or not with the final investment decision in 2016. My expectation is that if crude prices would decline in a more rapid way then the product prices would soften," he said in Dubai.
The company said that the recent expansion in refining capacity in the Gulf, including the two newly opened plants in Saudi Arabia, SATORP and YASREF, will probably result in a supply glut, adding more pressure to product prices.
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