Create opportunities to boost oil industry

Manama : Prime Minister HRH Prince Khalifa bin Salman Al Khalifa urged to continue creating opportunities to develop non-conventional oil exploration and production ways to boost the oil industry. 

Chairing the weekly Cabinet session at the Gudaibiya Palace yesterday, the Prime Minister praised the events held to support the oil sector, including the Middle East Geosciences Conference and Exhibition (GEO 2016), held under his auspices and opened on his behalf by Deputy Prime Minister HH Shaikh Ali bin Khalifa Al Khalifa.

The Cabinet session also lauded the success of the “North Thunder” manoeuvre, held under the leadership of Saudi Arabia, with the participation of the Kingdom of Bahrain, alongside GCC, Arab and Islamic counties. 

The session stressed that the joint drill had conveyed a clear message to the world that the Arab and Islamic nations are united, ready and serious in countering threats and terrorism, defending their interests and reinforcing security and stability, Cabinet Secretary General Dr. Yasser bin Isa Al-Nasser said in a statement following the meeting.

During the session, the Cabinet reviewed the package of reforms approved by the World Bank (WB), which includes reforming the quota system to increase the voting power of developing countries. The Cabinet approved to increase the Kingdom’s contributions to WB’s quota system reform, as outlined in the memorandum presented by the Finance Minister and requested the competent sides to take the necessary procedures.

The Cabinet endorsed two agreements signed between Bahrain and Bangladesh on Mutual Protection and Promotion of Investments and Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income. 

Two draft laws on ratifying the two agreements will be referred to the Legislative Branch in accordance with the legal and constitutional procedures in force.

The session also reviewed a memorandum of understanding (MoU) between the Kingdom of Bahrain and Oman on mutual recognition of marine eligibility certificates issued to seafarers in line with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (or STCW) of 1978 and amendments to it, which was ratified by the Kingdom in 2001. 

The Cabinet also discussed a proposal submitted by the Council of Representatives on purchasing old houses in residential neighbourhoods to preserve the kingdom’s heritage and social fabric.