Sunday 27 May 2018

Bahrain's jet fuel depots to be relocated

Manama, July 7, 2014

Jet fuel reservoirs are to be relocated from their present location in Arad to an alternative site inside Bahrain International Airport.
His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has given directives to ensure the quick relocation in a bid to promote the safety and environment of the area, which is witnessing an urban boom, said a report in the Gulf Daily News (GDN), our sister publication.
He instructed authorities to include jet fuel as part of the government's strategic reserves and diversify alternatives for air companies transiting Bahrain International Airport (BIA).
Bahrain Aviation Fuelling Company (Bafco) was also allowed to continue operating at the airport for another six months, ending December.
The Cabinet yesterday approved a joint memo submitted in this regard by the Ministers of Finance and Transportation.
Authorities are reviewing the supply of jet fuel to BIA by the Bafco.
The Cabinet also received a proposal on the future of Bafco with plans to establish a new company.
It was presented by Finance Minister and Minister in charge of National Oil and Gas Authority (NOGA) Shaikh Ahmed bin Mohammed Al Khalifa, who reviewed plans for the future selling, trading and supplying of jet fuel.
"The memorandum proposed that NOGA and BIA form a joint committee to examine the status quo of selling, trading and supplying jet fuel to BIA," Minister of State for Information Affairs and official government spokesperson Sameera Rajab told a press conference.
"It aims to develop and implement necessary measures to ensure the best solution for the transitional period until a new company is established."
Justice, Islamic Affairs and Endowments Minister Shaikh Khalid bin Ali Al Khalifa also presented a memorandum on registration fees for lawyers.
"The registration fees for the general chart of lawyers, renewal fees for the chart of practicing lawyers and lawyers under training have changed. The existing fees have just been amended," Rajab said.
Agreements strengthening Bahrain's diplomatic relations were also approved by the Cabinet. They are designed to bolster trade with Russia and Tajikstan.
"The draft law ratifying the agreement on the encouragement and protection of investments between the governments of Bahrain and Russia has been approved," Rajab said.
"The agreement aims to promote ways to encourage and protect investments between the two countries.
"It also includes mechanisms for handling and settling disputes between the contracting parties."
The agreement was initially signed in April during an official state visit, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.
There was also a memorandum between Bahrain and Tajikistan.
"The draft law ratifying the agreement between the governments of Bahrain and Tajikistan was discussed and approved," she said.
"The agreement aims to create suitable conditions for further co-operation between the two countries in the field of investment.
"It also includes provisions related to claims and the settlement of disputes between the contracting parties."
The Cabinet also approved a memorandum ratifying an agreement on the avoidance of double taxation and the prevention of fiscal evasion.
"It aims to provide a legal, regulatory and economic environment for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains tax between the two countries," Rajab said.
The agreements between Bahrain and Tajikistan were signed in May at a ceremony in Sakhir Palace in the presence of His Majesty King Hamad and Tajikistan President Emomalli Rahmon. - TradeArabia News Service

Tags: Bahrain | airport | Jet | fuel | Site | reservoir |

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