The Oil and Gas Holding Company B.S.C (c) (nogaholding) and the Arab Petroleum Investments Corporation (APICORP) signed a memorandum of understanding (MoU) to promote collaboration between the two entities.

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 the Kingdom 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 nogaholding Group Chief Executive Officer, Mr. Mark Thomas and APICORP Chief Executive Officer, Mr. Khalid Ali Al-Ruwaigh. The signing ceremony was attended by His Excellency Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment, Special Envoy for Climate Affairs, and nogaholding Board Member and the Deputy Minister of Energy, Chairman of the Board – APICORP, Dr. Aabed Al-Saadoun, alongside a number of other officials from both parties.

Commenting on the MoU, His Excellency 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 decarbonization mandates as pledged by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of the Kingdom of Bahrain 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. Aabed Al-Saadoun, Chairman of the APICORP Board, 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.”

Mark Thomas, Group Chief Executive Officer, nogaholding, added: “We are proud to be signing this MoU with an esteemed company like APICORP. The knowledge-sharing aspect of this partnership will provide nogaholding with opportunities that will help bolster the future of Bahrain’s energy sector, enabling us to take on additional projects, in line with the Kingdom of Bahrain’s Vision 2030. We look forward to revitalizing our oil and gas sector while moving towards a more sustainable method of energizing the Kingdom and exploring avenues that lead to more efficient and alternative energy sources.”

Khalid Ali Al-Ruwaigh, Chief Executive Officer of APICORP, said: “Being the region’s only multi-lateral financial institution with established experience in financial services and solutions for sustainable energy, APICORP is delighted to partner with nogaholding and support its commendable strategic initiatives that aim to improve the Bahraini energy sector. We will work closely with nogaholding to strengthen corporate sustainability and ESG practices, provide financial advisory on sustainable energy projects and support on effective structuring and arranging of financing. This partnership will help APICORP to cement its legacy of providing financial services for impact.”