Bahrain oil & gas industry gets $570m boost

Bahrain oil & gas industry gets $570m boost

Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA), has signed a US$570 million deal to support large scale oil and gas projects in Bahrain.

The five year, multi-bank Murabha facility is Nogaholding’s first move into the syndicated credit markets and signifies a number of strategically important growth projects for Nogaholding and Bahrain’s energy industry.

The funds will enable Nogaholding to invest in profitable projects in Bahrain – the three key developments are: The BAPCO Modernisation Programme, the LNG Import Terminal, and the Bahrain Gas Plant Project.

“I am pleased to announce the closing of this syndicated financing which is designed to help nogaholding fulfil its ambitious plans to further expand its portfolio,” said Nogaholding CEO Shaikh Mohamed bin Khalifa Al Khalifa.

“This is an investment in the future and highlights our continued efforts to grow the Kingdom of Bahrain’s oil and gas assets and position our nation as a significant regional and international player.”

This the Nogaholding has a received a multi-bank facility since its creation in 2007, the company now has substantial expansion plans – expecting to invest over $7 billion in the next five years.

The syndicated facility consists of the following ten international, regional and local banks: Arab Banking Corporation (ABC), Ahli United Bank (AUB), Arab Petroleum Investments Corporation (APICORP), Gulf International Bank (GIB), and National Bank of Bahrain (NBB), Qatar Islamic Bank (QIB), Kuwait Finance House (KFH), The Bank of Tokyo-Mitsubishi UFJ (MUFG), BNP Paribas, and HSBC.