The year 2022 will be remembered as a significant year of successes for Bapco (the Company), as it has been a catalyst year for change focused on improved performance, efficiency, risk management, compliance and governance processes as a backbone for the future sustainability of the Company.

The accomplishments for the year 2022 reflect the organisation’s steadfast and enduring dedication to fostering the sustainable growth and development of the Company, while maintaining the highest levels of safety and reliability and ensuring that the shareholders’ expectations are met and exceeded.

The Bapco Board, Bapco Management and Bapco employees thank His Majesty King Hamad bin Isa Al Khalifa for his unwavering vision for the future and His Royal Highness the Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa for his continuous support, guidance, and encouragement, particularly during the challenging times faced in 2022 as we worked to fulfil our national duty.

I would also like to thank His Highness Shaikh Nasser bin Hamad Al Khalifa, HM the King’s Representative for Humanitarian Work and Youth Affairs, and the Chairman of the Board of Directors of The Oil and Gas Holding Company (nogaholding) for his wise guidance and strong support as we embarked on a transformational journey to ensure the ongoing future success of the Company.

The year 2022 has been a challenging time for the Bapco Modernization Programme (BMP). We have had to navigate this project of national importance, through the demands of the Covid-19 pandemic, geo-political events and other considerations. The Board and Management of Bapco have worked tirelessly to drive the BMP forward without compromising quality and safety, and have been actively involved in providing direction and governance to the project. These efforts have resulted in the achievement of key project milestones, including the commissioning of the new loading arms at Bapco Wharf Berths 1 & 3, which has enhanced loading operations. The BMP is a key strategic project that receives the highest level of oversight and involves practically every single member of the Bapco family. I look forward to further milestones and successes being achieved during 2023.

I thank the Board Members, Executive Management, our employees and our stakeholders for their dedication to the Kingdom of Bahrain and commitment to the Company. I would also like to reiterate the Board’s appreciation for the support and assistance given to Bapco by our shareholder, The Oil & Gas Holding Company (nogaholding), the officials in government ministries and agencies, financial institutions, and the local and international contractors to successfully implement the Company’s plans and programmes

I am confident that Bapco is ready to rise above the challenges and establish itself as a leading refinery not only in the region but also globally, leveraging best practices and performing at a world-class standard, in terms of safety, reliability, quality and operational efficiency. We are now well positioned to achieve our vision for the “Bapco of Tomorrow."

ABDULLA JEHAD AL ZAIN
Chairman of the Board of Directors