Bahrain - The Oil and Gas Holding Company (nogaholding) and the Arab Petroleum Investments Corporation (Apicorp) have signed a memorandum of understanding (MoU) to promote collaboration.

Under the MoU, 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.

This includes sharing knowledge and best practices on Environment, Social and Governance (ESG) aspects, sustainability initiatives, and green financing.

The MoU was signed by Apicorp chief executive Khalid Al Ruwaigh and nogaholding group chief executive Mark Thomas.

The signing ceremony was attended by Oil and Environment Minister and Special Envoy for Climate Affairs Dr Mohammed Bin Daina and Apicorp chairman Dr Aabed Al Saadoun, alongside a number of other officials from both parties.

Commenting on the MoU, Dr Bin Daina said: “We are delighted to witness this partnership between two entities focusing on the development of the Arab energy sector and exchanging knowledge for the benefit of communities. 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, 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.”

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