Plans for a $150m 625,000-cubic-metre crude oil trading terminal project have been cancelled by Bahrain Petroleum (Bapco) and its partners for being economically unfeasible, Meed has reported, citing sources close to the scheme. The list of partners included Saudi Arabia's Arab Petroleum Investments Corp (Apicorp), Bahrain's Holding Co for Oil & Gas and Kuwait's Independent Petroleum Group (IPG). Despite scrapping the storage and export scheme at Sitra Island, the kingdom is moving ahead with plans for a $2bn upgrade to the Sitra refinery.