Noga holding and Schmidt Middle East Logistics have signed an MOU to develop a Dry Bulk Logistics Hub in Bahrain. Noga holding is the investment and business development arm of NOGA, the National Oil and Gas Authority of the Kingdom of Bahrain.
Subject to the agreement of both Boards of Directors, a Joint Venture will be formed called, “Schmidt Middle East Logistics Bahrain.” The facilities will be based in the Bahrain Logistics Zone and will cover an area of more than 35,000m2.
Schmidt Middle East Logistics Bahrain will provide bulk material handling and storage solutions to the petrochemical and chemical industrieswhich will be developed to meet client’s specific requirements and provide a gateway for the international import and export of a wide range of petrochemical and chemical products.
Schmidt, a leading European dry bulk chemical logistics provider, is keen to establish a Hub in Bahrain with Nogaholding to addressthe sharply increasing needfor Dry Bulk Solutions across the Middle Eastas a result of rapid growth in chemical manufacturing in the region.
“We see a Bahrain Hub as a strategic decision to increase our geographical possibilities and expand our logistics portfolio, Furthermore we see it as a great challenge to develop the best Dry Bulk Logistics solutions for the petrochemical and chemical industries throughout the Middle East,” says Dr. Hoppmann, CEO of Schmidt Middle East Logistics.
“Noga holding are happy to join with Schmidt Middle East Logistics to develop this exciting new business opportunity together in Bahrain. We see this project as a first step in investing in Logistics businesses which will complement our longer term plans to diversify into petrochemical related projects in Bahrain and assist inachieving our 2030 Vision.”
The start-up of the operation is targeted for Q4 2014.
