Bahrain Taps $570mn Islamic Oil Funds

Bahrain’s Nogaholding, investment arm of government’s National Oil and Gas Authority (NOGA), has signed a five-year $570mn multi-bank Murabaha facility to help fund development of a number of large scale petroleum projects. The facility size was increased by 60% because of investor demand despite volatile market conditions resulting from low oil prices, state Bahrain News Agency (BNA) says.

Nogaholding expects to invest over $7bn across several separate ventures in the next five years. The three main projects to be financed are: an expansion of Bahrain’s only refinery in tandem with the replacement of a pipeline bringing feedstock for the plant from Saudi Arabia; development of an LNG import terminal; and expansion of the state gas firm Banagas processing plant. Ten banks are providing the funding: Bahrain’s Arab Banking Corp (ABC), Ahli United Bank, Gulf International Bank and National Bank of Bahrain; Saudi Arabia’s Apicorp; Qatar Islamic Bank; Kuwait Finance House; Bank of Tokyo-Mitsubishi; BNP Paribas and HSBC.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE