Bahrain abolishes NOGA, oil ministry to take over functions

NOGA has raised funds in the debt capital markets several times over the past few years

  
State-run Bahrain Petroleum Co (Bapco) refinery is seen during the early evening hours from the village of Ma'aameer south of Manama, Bahrain, August 22, 2017.

State-run Bahrain Petroleum Co (Bapco) refinery is seen during the early evening hours from the village of Ma'aameer south of Manama, Bahrain, August 22, 2017.

REUTERS/Hamad I Mohammed

DUBAI- Bahrain's king issued a royal decree on Monday abolishing the National Oil and Gas Authority (NOGA), with all its functions to be undertaken by the oil ministry, the state-run Bahrain News Agency said.

"All the financial appropriations allocated for NOGA in the state budget and all its rights and obligations shall be transferred to the Ministry of Oil," BNA said, adding all of NOGA's employees will also be transferred to the ministry and retain their rights and benefits.

NOGA has raised funds in the debt capital markets several times over the past few years, including a $600 million issuance of sukuk, or Islamic bonds, in April. 

It has $2.25 billion in outstanding conventional bonds, according to Refinitiv data.

(Reporting by Yousef Saba; editing by David Evans) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))


More From Policy