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INVESTMENT IN OIL SECTOR VITAL

Bahrain nogaholding rebranded Bapco Energies, eyes big role

MANAMA, May 29, 2023

His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain's Crown Prince and Prime Minister, today (May 29) unveiled Bapco Energies - the new brand identity of the kingdom's Oil and Gas Holding Company (nogaholding).
 
Lauding the move, His Royal Highness called for diversification and development of the kingdom's economy in accordance with Bahrain’s Economic Vision 2030 and in line with the Kingdom’s comprehensive development led by His Majesty King Hamad bin Isa Al Khalifa, reported BNA.
 
HRH Prince Salman highlighted the importance of investing in the oil and gas sector, as well as strengthening initiatives that ensure sustainability, create opportunities for Bahraini citizens, and impact the development of vital sectors.
 
Under Bapco Energies, the existing operating companies, including Bahrain Petroleum Company (Bapco), Bahrain National Gas Company (Banagas), Bahrain National Gas Expansion Company (Tawseah), Bahrain Aviation Fueling Company (Bafco), Tatweer Petroleum, and Bapco Retail Company (Tazweed) will be integrated and rebranded into seven businesses over the next three years. 
 
The seven businesses include three new ventures focussed on maximising enterprise value through trading and investing in new technologies and renewables, stated the report.
 
The Prime Minister commended the initiative to advance the oil and gas sector, specifically the efforts of His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty’s Representative for Humanitarian Works and Youth Affairs, Chairman of the Oil and Gas Holding Company (Bapco Energies), which has enhanced the sector's competitiveness.
 
HRH expressed gratitude to Team Bahrain members for their vital role in meeting the sector's ambitious aspirations. In this regard, he noted the importance of using creative and innovative approaches in realising the Kingdom's development objectives designed to benefit both present and future generations.
 
Speaking at the brand unveiling, Shaikh Nasser said: "Today is a historic day as we embark on writing a new chapter for the future of energy in the Kingdom of Bahrain. Energy security is confronted with the realities of the world we live in and we need to implement a forward-thinking transition roadmap, mobilized by a diversified mix of energy sources, while ensuring we meet our climate action commitments."
 
"With Bapco Energies, we are evolving from a traditional oil and gas holding company into one that is innovative, progressive, open, ambitious, and will support us as we secure our energy future," stated its top official in the presence of Shaikh Mohammed bin Salman bin Hamad Al Khalifa and a number of other senior officials. 
 
"Embracing renewable energy not only unlocks new investments, but also fuels innovation in financing, fosters collaboration among technology leaders, and creates economic opportunities for the nation," he added.



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