Bahrain’s oil and gas authority to transition to “energy company”

Bahrain’s National Oil and Gas Authority (NOGA) will transition into an energy company that will look at energy resources outside of fossil fuels, Reuters has reported citing a senior official.

His Majesty King Hamad issued a royal decree in September abolishing the authority, with all its functions to be undertaken by the oil ministry.

“We’re now looking at the future of transition, transferring this company from an oil and gas company into an energy company,” said the kingdom’s special envoy for climate affairs and Supreme Council for Environment chief executive Dr Mohammed bin Daina.

“That will help us look at the climate change impact, the energy mix and the diversification of energy sources,” he said, speaking to journalists on the sidelines of the ADIPEC oil and gas forum in Abu Dhabi.

Asked about those plans, Mr Bin Daina said nothing was planned “very soon”, without elaborating.

He also did not exclude, when asked, the possibility of a public listing for the new energy company.

Noga has raised funds in the debt capital markets several times over the past few years, including a $600 million issuance of sukuk, or Islamic bonds, in April.

Mr Bin Daina said the company could issue debt again, if needed.

 

Source: https://www.gdnonline.com/Details/1003734

 

Share this page Share on FacebookShare on TwitterShare on Linkedin
Close

Discover the 'Made in France à Bahrain' Guide

'Made in France à Bahrain' - Edition 2021
is YOUR guide to the economic presence in Bahrain. Click here to view the online guide