Bahrain’s Oil and Gas Holding Company (nogaholding) and the Arab Petroleum Investments Corporation (Apicorp) have teamed up to share knowledge and best practices on ESG, sustainability initiatives and green financing. 

 

For this they signed a memorandum of understanding (MoU) under which nogaholding will leverage Apicorp’s experience as a partner to the Arab energy sector to support the company’s strategic initiatives and projects that will be crucial to the future of Bahrain’s energy sector. 

 

The MoU was signed by nogaholding Group Chief Executive Officer, Mark Thomas and Apicorp Chief Executive Officer, Khalid Ali Al-Ruwaigh. The signing ceremony was attended by Dr Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment, Special Envoy for Climate Affairs, and nogaholding Board Member and the Deputy Minister of Energy, Chairman of the Board - Apicorp, Dr Aabed Al-Saadoun, alongside a number of other officials from both parties.

 

Massive strides

Commenting on the MoU, Dr Bin Daina said: “The kingdom has taken massive strides in the development of the oil and gas sector while responsibly working on meeting the decarbonisation mandates as pledged by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain at COP26, as well as the United Nations Sustainable Development Goals. With Apicorp’s experience, we can expect this partnership to accelerate the energy transition and adoption of ESG principles in Bahrain.”

 

Dr Al-Saadoun said: “Our mission is to contribute to the development and transformation of the Arab hydrocarbon and energy industries through equity, debt financing and advisory services and provide the Arab energy sector with financial solutions for the energy of tomorrow. The MoU with nogaholding is a testament to our focus on our goals in supporting the Arab energy sector in a balanced energy transition that enables socioeconomic growth and workforce empowerment.” 

 

Mark Thomas, Group Chief Executive Officer, nogaholding, added: “We are proud to be signing this MoU with an esteemed company like Apicorp. The knowledge-sharing aspect of this partnership will provide nogaholding with opportunities that will help bolster the future of Bahrain’s energy sector, enabling us to take on additional projects, in line with Bahrain’s Vision 2030. We look forward to revitalising our oil and gas sector while moving towards a more sustainable method of energising the kingdom and exploring avenues that lead to more efficient and alternative energy sources.” 

 

Strengthening ESG

Al-Ruwaigh said: “Being the region’s only multi-lateral financial institution with established experience in financial services and solutions for sustainable energy, Apicorp is delighted to partner with nogaholding and support its commendable strategic initiatives that aim to improve the Bahraini energy sector. We will work closely with nogaholding to strengthen corporate sustainability and ESG practices, provide financial advisory on sustainable energy projects and support on effective structuring and arranging of financing. This partnership will help Apicorp to cement its legacy of providing financial services for impact.”-- TradeArabia News Service