Bahrain sets up lubricants firm

The government of Bahrain and Finnish refiner and marketer Neste Oil Corp. have set up a joint venture in Bahrain. Worth US$597 million, the lubricant plant will be managed by Bahrain via the country’s Oil and Gas Holding Co. and Bahrain Petroleum Co., as well as Neste Oil. Bahrain holds a 55% stake in the facility, which is expected to be complete by 2011, while Neste Oil retains 45%. The plant is set to produce 400,000 metric tons of oil lubricants per year. (June 20, 2009)