Bahrain’s Oil and Gas Holding Co (Nogaholding) and Dammam-headquartered Arab Petroleum Investments Corp (APICORP) have signed an agreement to share knowledge and best practices on ESG, sustainability initiatives and green financing.
As part of the agreement, 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. APICORP announced in a press release on August 15.
The MoU was signed by Nogaholding group CEO Mark Thomas and APICORP CEO Khalid Ali Al-Ruwaigh. The signing ceremony was attended by 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 at APICORP, Dr Aabed Al-Saadoun, alongside a number of other officials from both parties.
‘Massive strides’
Commenting on the MoU, Dr Bin Daina said, “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 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.”
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 Bahrain’s Vision 2030. We look forward to revitalising our oil and gas sector while moving towards a more sustainable method of energising the kingdom and exploring avenues that lead to more efficient and alternative energy sources.”
ESG practices
“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,” Al-Ruwaigh said.
He added that both organizations will work closely to strengthen corporate sustainability and ESG practices, provide financial advisory on sustainable energy projects and support on effective structuring and arranging of financing.
