Bapco achieves lower operating cost in 2013
Manama, February 12, 2014
Bahrain Petroleum Company (Bapco) achieved a lower operating cost last year compared with what was budgeted, as well as the previous year's actual cost, said a report.
This was revealed after a meeting of the company's board of directors on Monday at the Bapco refinery. The board reviewed operating and financial results and expressed satisfaction with progress, reported the Gulf Daily News, our sister publication.
The refining firm managed to reduce fixed and variable costs in all areas through leadership commitment, workforce engagement and thorough review of expenses.
High reliability, availability and utilisation of refinery process units resulted in processing of 3.4 million barrels of crude more than the budgeted crude run, the report stated.
Board members were told that the completion and commissioning of the steam turbo generators and waste water treatment plant projects was done on time, within budget, and with high level of personnel and contractor safety.
Last year also saw the beginning of process improvement initiatives such as operational excellence management system (OEMS) and process improvement committee.
A performance management process was also introduced to recognise and reward employee performance.
Bapco has also seen better management of absenteeism through the introduction of Bradford Index.
The board reviewed progress of various activities related to the modernisation programme and gave directives on further progress.
Progress of compliance with National Audit Office reviews and actions taken were also reviewed, said the report
The company's focus areas for the current year will be continued optimisation of operating cost, progress on the modernisation programme, implementing OEMS and continuing process improvement initiatives.
The board members also welcomed the newly appointed chief executive Dr Peter Bartlett who will assume his responsibilities from next month.-TradeArabia News Service