ARAB NEWS: Officials announced Tuesday that the National Oil and Gas Authority of Bahrain (NOGA), will be transformed into an energy company, which will explore other energy sources.
In September, Bahrain’s king declared that the National Oil and Gas Authority (NOGA) had been abolished. All its functions will now be performed by the oil ministry.
“We are now looking at the future, transferring this firm from an oil-and-gas company to an energy company,” stated Mohamed bin Mubarak Bin Daina (Special Envoy for Climate Affairs, Chief Executive of Bahrain’s Supreme Council for Environment).
He said that this will allow us to look at the impact of climate change, the energy mix, and diversification of sources of energy. He spoke to speak in Abu Dhabi as part of the ADIPEC oil-and-gas forum.
Sources have previously revealed to Reuters that Bahrain is one of the most financially indebted and economically weakest countries in the oil-rich Gulf. This follows recent steps taken by Abu Dhabi and Saudi Arabia, which were both able to sell their oil and gas assets.
Bin Daina, when asked about these plans, said that nothing was planned “very soon” without going into detail. When asked about those plans, Bin Daina said that nothing was planned “very soon,” but did not rule out the possibility of a public stock exchange listing for the new company.
NOGA has raised capital in the debt capital market several times in recent years. This includes a $600million issuance of sukuk (or Islamic bonds) in April.
Bin Daina stated that the company could again issue debt if necessary.
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