Saudi to Provide $300m Export Funding for Bahrain's Noga

Thursday, 21 March, 2019 - 16:30
Manama- Obeid Al-Suhaimi

The Saudi Fund for Development (SFD) has signed a financing agreement worth USD300 million (SAR1.11 billion) with the National Oil and Gas Authority (NOGA).

The agreement was signed, in a ceremony held under the patronage of Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa, to fund Saudi exports of NOGA for projects in oil and gas sectors. It was signed by NOGA holding acting chief executive Dr. Dhafer al-Jalahma and SFD vice-president and managing director Dr. Khalid bin Sulaiman al-Khudairi.

Under the agreement, the fund will provide export credit and insurance for Saudi national exports to encourage domestic economic diversification and contribute to development within Bahrain. The minister said the agreement aims to finance the needs of Saudi manufacturing companies to participate in supplying to the oil and gas industry and projects in Bahrain.

Sheikh Mohammed said that the past period witnessed restless efforts and several initiatives by oil companies affiliated with NOGA that resulted in many oil projects, including updating Bahrain oilfield refinery that is considered the biggest with a capacity of 358,000 barrels worth USD6 billion.

Khudairi affirmed that Saudi-Bahraini ties are solid, hailing strong relations between SFD and Bahrain in development and commercial fields.

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