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FINANCIAL NEWS
Kuwait’s Boubyan acquires Apicorp’s 12.5% stake in Banagas
26 Oct 2011
(MENAFN) Arab Petroleum Investments’ Corp. (Apicorp) CEO, Ahmad bin Hamad Al-Nuaimi, said that the development bank sold its 12.5 percent stake in Banagas, Bahrain’s National Gas Co., to Boubyan Petrochemical Co., reported Arab News.
Al-Nuaimi added that the move came as Apicorp wanted to move ahead with its plans to launch and develop other oil and gas projects, adding that Banagas grew to become a very successful company locally, regionally and globally.
He also said that Banagas was estimated to produce 4,720 barrels per day (bpd) of naphtha, 1,230 bpd of butane and 1,310 bpd of propane, moreover, its business included extracting and marketing propane, butane and naphtha, through processing associated gas from Bahrain’s oil field, for the local, regional and international markets.
It is worth noting that Banagas was established in 1978 by Bahrain’s government, and at the current time it is represented by the National Oil and Gas Holding Co., which owns a 75 percent stake in the company, in addition to Chevron, with 12.5 percent stake and Apicorp with also a stake of 12.5 percent.
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