nogaholding’s efforts to develop energy sector praised
His Majesty King Hamad’s representative for humanitarian work and youth affairs and Oil and Gas Holding Company (nogaholding) chairman Shaikh Nasser bin Hamad Al Khalifa has praised the effective role of the board of directors in ensuring compliance with the best international practices in corporate governance.
This came as he chaired the company’s board meeting which shed light on progress in attaining the goals endorsed at the outset of this year.
He lauded the company’s efforts to develop the energy sector in Bahrain in accordance with the vision of His Majesty and the aspirations of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. He also commended the support given by the High Committee for Energy and Natural Resources to nogaholding.
The meeting highlighted the most prominent results of the executive management report for the last quarter of 2022, which deals with the company’s latest developments and achievements. It also discussed the transformational plans for a number of strategic projects as well as progress of Bahrain Petroleum Company (Bapco) refinery modernisation project and its great importance in serving the refining sector locally and regionally.
The meeting also focused on the partnership with Boston Consulting Group, with the aim of developing the national energy strategy and the transformational strategy, in addition to creating an effective operating model.
Shaikh Nasser pointed out the need to develop new tools and adopt innovative work methodologies to manage financial risks, which would secure the company’s financial stability in light of the continuous changes in global markets.
The board approved the budget plan for the next year, in addition to approving a set of decisions related to the development of specific projects and new policies that improve institutional work systems, with a focus on initiatives and plans that are compatible with Bahrain’s plan to achieve zero neutrality.
Shaikh Nasser touched on environmental, social and institutional governance, praising the unremitting efforts made by all the group companies to implement and adopt the pillars of sustainability, in line with Bahrain’s Economic Vision 2030 and the National Recovery Plan.
