Bahrain Oil Sector Accounts For 28 pct of GDP

The oil sector in Bahrain accounts for 28 per cent of GDP and generates more than 70pc of government revenues, Oil and Gas Affairs Minister and National Oil and Gas Authority chairman Dr Abdul Hussain Mirza said yesterday.

He also revealed that a new natural gas pricing structure would result in additional revenues of $40 million a year to the government.

Dr Mirza highlighted Bahrain's latest economic reforms initiative in the oil and gas sector during the First Economist Business Roundtable Conference with the Bahrain government at the Ritz-Carlton Bahrain, Hotel and Spa yesterday.

"The economy of the kingdom is oil-dependent, and although the country has been able to plan and implement successful diversification policies, the economic indicators still show that the oil sector accounts for 28pc of GDP, and it still generates more than 70pc of government revenues," he added.