Bahrain launches $1 bn en­ergy fund

Oil and Gas - - REGIONAL NEWS -

Bahrain’s Min­is­ter of Oil has an­nounced the launch of a $1 bil­lion Bahrain En­ergy Fund, the first in the GCC giv­ing in­sti­tu­tional in­vestors with ac­cess to lo­cal en­ergy as­sets.

The Bahrain en­ergy Fund will look to raise a to­tal of $1 bil­lion and re­ceive an ini­tial seed cap­i­tal from en­ti­ties in Bahrain, in­clud­ing No­ga­hold­ing, Osool and SICO. It will be open to in­vestors in Bahrain, the GCC and in­ter­na­tion­ally, the min­istry said in a state­ment.

“These are ex­cit­ing op­por­tu­ni­ties at an ad­vanced stage of de­vel­op­ment, giv­ing us the op­por­tu­nity to de­ploy cap­i­tal rapidly and gen­er­ate re­turns for in­vestors, while also ac­cel­er­at­ing the de­vel­op­ment of vi­tal in­fra­struc­ture projects in Bahrain,” said Bahrain’s Min­is­ter of Oil Shaikh Mo­hamed bin Khal­ifa Al Khal­ifa.

The Bahrain En­ergy Fund will in­vest in a range of en­ergy projects in Bahrain across the down­stream, mid-stream and up­stream sec­tors, which in­cludes devel­op­ments in the newly dis­cov­ered oil and gas re­source. Some of the projects are at an ad­vanced stage of de­vel­op­ment en­abling a rapid de­ploy­ment of cap­i­tal.

As well as pro­vid­ing in­vestors with ac­cess to a highly at­trac­tive as­set class, the Fund will also in­tro­duce pri­vate cap­i­tal to help fund ma­jor in­fra­struc­ture in Bahrain and en­hance de­vel­op­ment of vi­tal en­ergy projects. It will also ben­e­fit from Bahrain’s sta­tus as a re­gional fi­nan­cial hub in de­vel­op­ing the Fund’s struc­ture and at­tract­ing in­vest­ment.

Bahrain re­cently an­nounced the dis­cov­ery of a new tight oil and deep gas re­source in the Khaleej Al Bahrain

Basin, lo­cated off the west coast of the King­dom. The find rep­re­sents the largest dis­cov­ery of oil in the King­dom since 1932, when ex­trac­tion started on Bahrain’s first oil well within the Bahrain Oil Field.

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