Nogaholding, APICORP sign MoU to promote collaboration

Manama, Aug. 15 (BNA): The Oil and Gas Holding Company B.S.C (c) (nogaholding) and the Arab Petroleum Investments Corporation (APICORP) signed a memorandum of understanding (MoU) to promote collaboration between the two entities. 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 the Kingdom of Bahrain’s energy sector. This includes sharing knowledge and best practices on Environment, Social and Governance (ESG) aspects, sustainability initiatives, and green financing. The MoU was signed by nogaholding Group CEO Mark Thomas and APICORP CEO Khalid Ali Al-Ruwaigh. Minister of Oil and Environment, Special Envoy for Climate Affairs, and nogaholding Board Member and the Deputy Minister of Energy, Chairman of the Board, Dr. Mohammed bin Mubarak Bin Daina, was present. “We are delighted to witness this partnership between two entities focusing on the development of the Arab energy sector and exchanging knowledge for the benefit of communities,” 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 decarbonization 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.” “Our mission is to contribute to the development and transformation of the Arab hydrocarbon and energy industries through equity, debt financing and advisory services and provide the Arab energy sector with financial solutions for the energy of tomorrow,” Dr. Aabed Al-Saadoun, Chairman of the APICORP Board, said. Al-Saadoun noted that the MoU with nogaholding is a testament to APICORP’s focus in supporting the Arab energy sector in a balanced energy transition that enables socioeconomic growth and workforce empowerment. “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 stressed working closely with nogaholding to strengthen corporate sustainability and ESG practices, provide financial advisory on sustainable energy projects and support on effective structuring and arranging of financing. APICORP CEO said that this partnership will help the company to cement its legacy of providing financial services.