(Reuters) Bahrain is in the process of finalising the implementation of the $8 billion refinery modernisation plan as part of the strategy to keep abreast the energy sector with changing dynamics of growth in the country, according to a senior Minister.

Dr. Abdul Hussain bin Ali Mirza, Minister of Energy, who opened the PETROTEC Bahrain 2012, said Bahrain was looking at its refining capacity beyond 2012.

“The refinery expansion will give us a competitive advantage and better position us to capture the opportunities that future market environments may offer. This initiative has been named as the Refinery Master Plan Project. The current refinery, parts of which are 75 years old, evolved over the years and new units have been added, the last two being the hydrocracker and the lube base oil plants in 2007 and 2010 respectively. The decision was made to further upgrade the refinery. The investment, depending on final capacity and configuration is currently estimated to be in the range of $8 billion. The new upgraded refinery will be able to meet the quality of the products demanded by the markets of the future, will meet the environmental standards, and will be designed to world class energy efficiency standards,” the Minister said.