Bahrain's small size and central location among Persian Gulf countries require it to play a delicate balancing act in foreign affairs among its larger neighbors. Possessing minimal oil reserves, Bahrain has turned to petroleum processing and refining, and has transformed itself into an international banking center. The new amir, installed in 1999, has pushed economic and political reforms, and has worked to improve relations with the Shi'a community. In February 2001, Bahraini voters approved a referendum on the National Action Charter - the centerpiece of the amir's political liberalization program. In February 2002, Amir HAMAD bin Isa Al Khalifa proclaimed himself king. In local elections held in May 2002, Bahraini women were allowed to vote and run for office for the first time.