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| 08 November, 2017

New $20mln joint venture oil facility opened in Bahrain

A forklift operator stacks containers at the godown of Agarwal Packers and Movers Ltd. on the outskirts of Mumbai, India June 29, 2017. Image for illustrative purpose.

A forklift operator stacks containers at the godown of Agarwal Packers and Movers Ltd. on the outskirts of Mumbai, India June 29, 2017. Image for illustrative purpose.

REUTERS/Shailesh Andrade

Schmidt Logistics Bahrain will create around 100 jobs in the logistics sector.

MANAMA- Nogaholding, the investment and business development arm of National Oil and Gas Authority (NOGA) in Bahrain, and Schmidt Heilbronn today inaugurated its new joint venture facility, Schmidt Logistics Bahrain.

The USD 20million facility will create around 100 jobs in the logistics sector (directly and indirectly). Located in the Bahrain Logistics Zone, it will support the zone’s expanding operations, particularly in the chemical and petrochemical logistics market.

Shaikh Mohamed bin Khalifa Al Khalifa, the Minister of Oil and Chairman of nogaholding, said: "Our new facility will have a significant positive impact on the regional chemical and petrochemical industries and facilitate quicker and easier transportation of goods around the GCC. Through our partnership with Schmidt we are proud to have supported the establishment of this facility, and will continue to provide support for its operations in the future." Mr. Thomas Schmidt, CEO and Managing Partner of Schmidt Group, said: "This new development is a reflection of the huge growth we see in the regional logistics industry. It also represents the confidence we have in Bahrain as one of our key strategic operational bases in the Gulf region. We originally chose to locate a significant proportion of our services in Bahrain because of the strong transportation links with neighbouring countries, excellent logistics infrastructure and supportive regulations." "We are now in a position to be able to capitalise further on these competitive advantages and expand our regional offering." Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) commented at the event: "The manufacturing and logistics sector is one of the strongest in the Kingdom and Bahrain attracting more than USD200 million of investment into this sector in the first half of the year - investments that will create more than 1,000 jobs over the next three years. Joint investments such as Schmidt Logistics Bahrain enable the growth of this world-class industry and attract companies with specialised expertise and operational skills to Bahrain to support the supply chain, creating high-quality employment opportunities for the local market."

© Copyright Emirates News Agency (WAM) 2017.