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FINANCIAL NEWS
Kuwait’s Boubyan buys 12.5% stake in Bangas
26 Oct 2011
(MENAFN) Arab Petroleum Investments Corp. (Apicorp) agreed to sell 12.5 percent of its stake in the Bahrain National Gas Co. (Banagas) to Kuwait-based Boubyan Petrochemical Co, Arab News reported.
Ahmad bin Hamad Al-Nuaimi, Apicorp CEO, explained that the comapny implemented a three-stage auction process, which was won by Boubyan Petrochemicals Co.
It is worth mentioning that Banagas was founded by the Bahraini government, Chevron and Apicorp in 1978, and it is dedicated to extracting and marketing propane, butane and naphtha.
Banagas is estimated to produce 4,720 bpd of naphtha, 1,230 bpd of butane and 1,310 bpd of propane.
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