Bahrain Petroleum Company (Bapco) expects to finalise the estimated $10 billion modernisation of its refinery by the end of the year, the company's top official has said.

Talking to the Gulf Daily News, our sister publication, on the sidelines of the Middle East Oil and Gas Show and Conference, (MEOS 2013) Bapco chairman and acting chief executive Adel Al Moayyed said the master plan and other feasibility studies were currently under review.

The planned expansion of the refinery's capacity to more than 450,000 barrels a day from 260,000 barrels, is likely to be completed by 2018, it was reported earlier.

Al Moayyed said last year saw the company display a strong performance with demand of its products continuing to be buoyant.

"The current year is expected to be better," he said.

The focus of the company while moving ahead would be increasing profitability and reducing costs, which it would do by developing processes, technologies, business models and human skills required to meet future energy needs effectively and efficiently.

Responding to a question on the appointment of the new chief executive of the company, Al Moayyed, who is the acting chief executive officer, said he expected a decision to be taken shortly.

MEOS is being held from March 10-13 under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain and organized by the global Society of Petroleum Engineers (SPE).

Tthe event, in its 18th edition, brings together the region’s oil and gas leaders, many of whom Shell has been working with for over 70 years across the Middle East.-TradeArabia News Service