newsdirectory3 Newspaper | “Oil and Gas Holding” and “Al Baraka Islamic” sign a credit facility agreement of $200 million

The Oil and Gas Holding Company B.S.C.

For its part, Al Baraka Islamic Bank coordinated the deal with a group of financiers, with the participation of Bahrain Islamic Bank, Khaleeji Commercial Bank, and National Bank of Kuwait – Bahrain, where the new financial facility was organized by the Islamic Murabaha system.

This step comes in light of the strategic transformation taking place in the oil and gas sector in the Kingdom, as the Oil and Gas Holding Company, under the leadership of His Highness Sheikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs and Chairman of the Board of Directors of the Oil and Gas Holding Company, is preparing to transform from a traditional holding company. oil and gas into a sophisticated and responsible energy company.

Commenting on this agreement, Mark Thomas, Group CEO of the Nogaholding Company, stated, “As an active contributor and catalyst for economic growth in the Kingdom, the Nogaholding Company continues its endeavor to work with leading financial institutions to support the national energy strategy, in line with the vision of His Majesty the King Hamad bin Isa Al Khalifa, the great king of the country, may God protect and preserve him, and the aspirations of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, may God protect him, for the oil and gas sectors.

He added, “The search for various financial solutions for the Oil and Gas Holding Company will contribute to supporting our growth plans, which are in line with the Kingdom’s Economic Vision 2030, and the goals announced by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, during the 26th Conference of the Parties to the United Nations Convention.” United Nations Framework Convention on Climate Change (COP26).

For his part, the Chief Executive Officer of Al Baraka Islamic Bank, Hamad Al-Oqab, stated, “We are pleased to conclude this agreement with the developer and main investor in the energy sector in the Kingdom to manage one of the largest renewable credit facilities in the sector that is compatible with the provisions of Sharia, which would give the Oil and Gas Holding Company flexibility in Diversifying sustainable financing sources and applying best practices in managing financial assets and liabilities, while continuing its sound approach in managing working capital and enhancing the liquidity position to serve development projects for the promising energy sector in the Kingdom.

Al-Oqab added, “Through our firm belief in the principle of participation, mutual trust, and strong and solid relations with our partners, Al Baraka continues its relentless endeavor to provide quality banking products and financing solutions that have a positive impact on the performance of its partners and enable them to achieve their expansion and development ambitions, which will benefit the final outcome of the growth of the economy.” and the renaissance of promising economic sectors.

For his part, Sattam Sulaiman Algosaibi, CEO of Khaleeji Commercial Bank, stated, “This partnership embodies the role played by the banking sector towards supporting the economic development wheel in the Kingdom of Bahrain, as this agreement will contribute to strengthening the financial position of the company, which will be reflected in its efforts to maximize the contribution of one The most important component of the Bahraini economy is the energy sector, in addition to being a clear indication of the keenness of national banks to work in the spirit of Team Bahrain in order to advance the Kingdom’s economy by supporting this important sector.”

Algosaibi continued, “Since its inception, Khaleeji Commercial Bank has been committed to actively contributing to all national efforts and endeavors aimed at promoting economic growth and meeting the aspirations of the wise leadership to develop various sectors and vital areas, by providing innovative banking solutions compatible with the provisions of Islamic Sharia by entering into strategic partnerships with the two public sectors.” And the bank will continue this approach, as we place such partnerships among the priorities of our business model.

On the other hand, Chief Executive Officer of Bahrain Islamic Bank, Yasser Al-Sharifi, stated, “As a leading financial institution that follows the provisions of Islamic law, we affirm our absolute commitment to continue contributing to the effective advancement of the national economy of the Kingdom of Bahrain, promoting upward growth, in addition to supporting the sustainable development of the energy sector as a whole. We are also very proud to be part of this initiative and look forward to supporting the Oil and Gas Holding Company, which plays a vital role in supporting diversification efforts at the local level.”

On this occasion, General Manager of National Bank of Kuwait – Bahrain Ali Fardan stated, “NBK Bahrain is pleased and honored to participate in supporting the financial plans of the Holding Company for Oil and Gas, which aims to contribute to the growth of the energy sector in the Kingdom in line with the economic vision of the Kingdom of Bahrain 2030.” .

He added, “The National Bank of Kuwait – Bahrain continues its commitment to support major and strategic projects throughout the Kingdom of Bahrain and to increase its presence in the corporate banking sector within Bahrain through the support provided by the National Bank of Kuwait Group.”