Saudi fund, Noga ink USD300mln pact

The National Oil and Gas Authority (Noga) has signed a financing agreement worth USD300 million with the Saudi Fund for Development (SFD).

In a ceremony held under the patronage of Oil minister Shaikh Mohammed bin Khalifa Al Khalifa, the agreement was signed by Noga holding acting chief executive Dr. Dhafer Al Jalahma and SFD vice-president and managing director Dr. Khalid bin Sulaiman Al Khudairi.

Under the agreement, the fund will provide export credit and insurance for Saudi national exports to encourage domestic economic diversification and contribute to development within Bahrain.

The minister said the agreement aims to finance the needs of Saudi manufacturing companies to participate in supplying to the oil and gas industry and projects in Bahrain.

“We have a range of energy projects in Bahrain across the downstream, mid-stream and upstream sectors, which includes developments in the newly discovered oil and gas resource. Some of the projects are at an advanced stage of development, requiring industrial inputs which Bahrain does not have and we would like to localise imports at the GCC level as much as possible,” Shaikh Al Khalifa said.