PROJECT STATUS (2018)
The ECA UKEF is reviewing the environmental and social impact the BMP project will have, before committing to provide financial backing for the project.
The head of financing for the BMP and representatives from the EPC companies have attended an event organised by the ECA UKEF so that British companies can meet with them and become suppliers for the project.
Bapco has entered into advanced talks with ECAS to secure $3bn to $4bn of financial backing. These ECAS include Italy’s SACE, Britain’s UKEF, Spain’s CESCE and the Exportimport Bank of Korea.
Bapco has contacted several commercial banks about the possibility of obtaining a loan of $1bn to aid in financing the refinery expansion.
Bapco and the consortium led by Technip have signed the EPC contract. The expansion is on track to be completed by 2022.
Bapco and the consortium of Technip, Tecnicas Reunidas, and Samsung Engineering are now scheduled to sign the EPC contract before the end of January 2018.
The EPC contract that was awarded to the consortium of Technip, Tecnicas Reunidas, and Samsung Engineering has not been signed yet. There is currently no updated schedule on when the contract will be signed.