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FINANCIAL NEWS
Bahrain’s Noga inks deal to bolster petchem transportation
28 Dec 2010
(MENAFN) Dr Abdulhussain Mirza, Chairman of Bahrain’s National Oil and Gas Authority (Noga), has inked a deal with two firms; Skaugen Middle East and Bahrain’s Capital Management House, to form a new company; Skaugen Gulf Petrochem, Gulf Daily News reported.
Under the agreement, Noga will have a 35 percent stake in the company; Skaugen will hold another 35 percent, with Capital Management House owning the remaining 30 percent.
The newly formed company, Skaugen Gulf Petrochem, has been created primarily to transport petrochemicals and liquefied natural gas (LNG) from Middle East production hubs to South East Asia, particularly to China, Mirza explained.
According to Mirza, who is also Bahrain’s Oil and Gas Affairs Minister, the mentioned venture comes in line with Noga’s strategy to increase its investments and diversify income sources, using available investment opportunities, thus stimulating the Kingdom’s economy and creating jobs.
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