Bahrain projects oil revenues at BD 196.6 mm

May 16, 2005 02:00 AM

The Ministry of Finance and the Chamber of Deputies' Committee on Financial and Economic Affairs have reached an agreement to increase the revenue projection from BD 44 mm to BD 196.6 mm, for each financial year of 2005-06, from Bahrain oil field and refinery.
However, the new revenue projections in the budget will not affect the local oil prices.

The joint agreement on oil revenues has cleared the way for the next phase to finalise the expenditure estimations and complete the budget document for the consideration for the Chamber of Deputies.
The details of the agreement were announced by the Minister of Finance, Sheikh Ahmed bin Mohammed Al Khalifa, and the Chairman of the Chamber of Deputies' Committee Jehad Bu Kamal. The undersecretary at the Ministry of Finance, Sheikh Ibrahim Khalifa Al Khalifa, and the Assistant Undersecretary for Financial Affairs, Arif Khamis, were present.

Earlier, the government had announced budgetary projections from Bahrain oil field and refinery at BD 44mm each for 2005 and 2006. The announcement was opposed by the Chamber of Deputies which insisted on increasing it to BD 260 mm for each year.
"We have been working on this for the last two months, and we have reached an agreement at BD196.6 mm after the financial commitment of BD 32 mm from the financial institution and BD 15 mm being the interest commitment. We have reached the figure that we have expected from the government," Jehad said.

He termed the agreement as a landmark achievement for the Chamber of Deputies.
"We are thankful to the minister's professional attitude and the way he handled the entire process of negotiations. We believe that the Chamber of Deputies has managed to add BD 152 mm a year to the revenues of the Kingdom. This is a big achievement for us," Jehad Bu Kamal told. "I believe that we can achieve many things through pragmatic discussions and result-oriented meetings," he said.

The government had defended its decision and repeatedly said that being prudent and conservative would help to develop the national economy.
"We have no hidden figures in the budget as all figures are listed in the state final accounts but being prudent always helps," Sheikh Ahmed said.
"The estimations for the Bahrain oil field and refinery in 2002 were BD 2.5 mm and achieved BD 36 mm, in 2003 the estimations were BD 2.5 mm and achieved BD 2 mm, in 2004 the estimates were BD 22.5 mm and achieved was BD 143 mm. The projections and achievements reflect the government's prudent policy for budgetary projections," Arif Khamis said.

Source: Bahrain Tribune
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