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First Energy Bank has US$400 million to spend

Bahrain-based bank looking to invest in regional energy projects

By Oil & Gas Staff  
By Oil & Gas Staff  

A company executive from the First Energy Bank in Bahrain has announced it has US$400 million to invest on energy projects in the Middle East and North Africa region and might consider issuing Islamic bonds.

News gathering agency Reuters reported that M. Hidayathullah Baig, the bank’s head of Islamic finance and advisory told the Reuters Islamic Banking and Finance Summit in Bahrain that the bank was closely involved with the financing of five exploration and production and two power projects in the region. 

“We plan to invest at least $400m this year,” Reuters reported Baig as saying. Baig was also reported as saying that between $50 million and $100 million would be allocated to each project.

Baig was also reported as saying that an Islamic bond, or sukuk, could be issued for specific projects citing Menadrill, a drilling services compnay, as an example.

 

 

Staff Writer

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