His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince; and Senior Minister at the Prime Minister’s Office, Wednesday made a working visit to the Headquarters of the Brunei Shell Petroleum Company where His Royal Highness officially declared open the Galeri Terowong Masa or Time Tunnel Gallery.  

The Crown Prince was welcomed upon landing at the BSP’s helipad in Seria by the Minister of Energy, Pehin Dato Seri Paduka Haji Awang Yahya, who is also Chairman of BSP’s Board of Directors; the company’s Managing Director, Dr. Grahaeme Henderson and the Deputy Belait District Officer, Awang Haji Mohammad bin Haji Abdul Rahman. The Second Minister of Finance, Pehin Dato Paduka Haji Abdul Rahman and the Deputy Minister at the Prime Minister’s Office, Dato Paduka Haji Eusoff Agaki were also present.

BSP’s Managing Director, in his welcoming address, touched on three important areas achieved by the company that of oil and gas production, citizen investments, and business and development by BSP as a centre of excellence in energy technology.  BSP, he said, is among the biggest energy companies in Asia producing more than 400 barrels of oil and gas per day.  Over the last five years, the country’s oil production has increased 25 percent.  To date, 80 percent of BSP’s workforce is made up of local employees, 60 percent of whom hold top positions in management.  BSP plans to recruit more locals with potentials to undergo training arranged by the company.

At the function, His Royal Highness the Crown Prince launched the Time Tunnel Gallery.  The gallery showcases historical pictures and artifacts of the oil and gas industry in Brunei Darussalam since its commercial discovery in Seria in 1929.

From the BSP Headquarters, His Royal Highness visited the Seria Crude Oil Terminal.  The terminal has been exporting Brunei’s oil since 1971.  His Royal Highness the Crown Prince also toured the building known as Alap-Alap, which is used for observing and monitoring activities at the terminal.  The Crown Prince later took a tour around the Seria Crude Oil Terminal by bus.  Oil is produced through the terminal at an average of 207 barrels per day, for export to many countries, including Indonesia, Korea, Japan, China, India, Australia, New Zealand and the United States of America.

After luncheon, His Royal Highness the Crown Prince took a helicopter ride to continue his working visit with a tour of the Champion 7 offshore oilfield.  On arrival there, His Royal Highness was welcomed by the BSP Asset Director, Awang Haji Salleh Bostaman bin Haji Zainal Abidin and the Technical Director of BSP, Mr. David Purvis.  The afternoon tour was preceded by a briefing on the operation of the Champion 7 Offshore Oilfield Complex.  His Royal Highness wound up the visit touring the various parts of the complex and its facilities.  The working visit by His Royal Highness the Crown Prince to Brunei Shell Petroleum reflects His Royal Highness’ interest in the development of the oil and gas industry which has existed in the country for over 75 years.

A new fire station is being built in Kampung Limau Manis in the Brunei Muara District to provide services for the residents in and around the area.  A concrete laying ceremony for the more than two million dollar project was officiated at Wednesday by the Minister of Home Affairs, Pehin Dato Paduka Haji Adanan. 

The project includes the provision of accommodations for personnel who will man the fire station later.  Budgeted at more than three million dollars, the project is scheduled to be finished by March next year. According to the Fire and Rescue Department, a fire station will also be built in Rimba, Gadong and another in Kampung Rataie in the Temburong District. 

Nearly 30 athletes, coaches and sports associations have received cash incentives for excellent performances in their respective sports at the regional and international levels.  The Minister of Culture, Youth and Sports addressed the gathering to present awards under the Sports Excellence Incentive Scheme, Wednesday.  Retired Major General Pehin Dato Seri Pahlawan Haji Mohammad said the scheme’s main aim was to encourage potential athletes to upgrade their achievement in sports at regional and international levels.

Among the award recipients were Haji Naim bin Brahim who won 5 medals in lawn bowling and An Nurhaiyyu binti Mohd. Yusof who also collected 5 medals in athletic events for special athletes.  The Sports Incentive Awards Scheme was introduced with the consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam in 1987.

Present at the function was the Deputy Minister of Culture, Youth and Sports, Dato Paduka Haji Yakub who is also Chairman of the Sports Incentive Award Scheme.  The function was held at the Ministry of Culture, Youth and Sports, off Jalan Kebangsaan.

The Commander of the Royal Brunei Armed Forces, Major General Pehin Dato Paduka Seri Haji Awang Halbi, Wednesday received a courtesy call from the Commander-In-Chief of Indonesian Defence Force, His Excellency Air Chief Marshal Dato Paduka Seri Djoko Suyanto. 

The Indonesian visitor arrived at the Bolkiah Garrison to a general salute.  His Excellency Air Chief Marshal Dato Djoko Suyanto subsequently inspected a guard of honour mounted by personnel of the 3rd Battalion of the Royal Brunei Armed Forces.  The Indonesian Commander-in-Chief of Defence Forces and delegation are in the country on a three-day official visit.

The Islamic banking and finance which was developed to meet the needs of the Muslims, has now gained universal acceptance.  This growing significance is a manifestation of the viability of Islamic banking as a financial intermediation channel that supports economic growth and development of nations.  According to the Permanent Secretary at the Ministry of Finance, in the context of Brunei Darussalam, Islamic banking is currently developing its prospects with the merger of two Islamic banks namely, Islamic Bank of Brunei Berhad, IBB, and the Islamic Development Bank of Brunei Berhad, IDBB, to become the Bank Islam Brunei Darussalam Berhad, BIBD.  The total assets of both banks have increased almost six fold from nearly 770 million Brunei dollars in 1993 to around 5 billion dollars in January this year.  In the same period, the deposits had also increased dramatically amounting to 3 billion Brunei dollars, while the financing had increased tremendously to around 4.5 billion Brunei dollars in January this year.   

The keynote address of Dato Paduka Haji Ali bin Haji Apong was read by the Deputy Permanent Secretary at the Ministry of Finance, Awang Haji Mohd. Rozan bin Dato Paduka Haji Mohd. Yunus at the opening of the Islamic Banking Workshop, Wednesday. He further said the overall banking statistics showed both IBB and IDBB have 32 percent of total assets, 27 percent of total deposits and 58 percent of total financing.

Awang Haji Mohd. Rozan added that the statistics reflect a bright prospect of the Islamic banking and finance in Brunei Darussalam that will continue to play very important roles in the economic development.  The worldwide total assets of Islamic finance of around 260 billion US dollars are growing at an estimated annual rate of 15 percent.  Hence, Islamic banking and finance will undoubtedly continue to evolve as an important part of the global finance.  The two-day workshop is hosted by the Brunei Association of Banks and organised by the Committee on Co-operation on Finance, Investment and Trade, COFIT from Singapore.