On behalf of the Board of Directors, it is with great pleasure that I present the 2017 annual report for The Oil and Gas Holding Company B.S.C. (c) (nogaholding).”
H.E. Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa
nogaholding celebrated its tenth anniversary in 2017 and, along with its portfolio companies, continued to deliver a strong performance
2017 was also a milestone year as nogaholding debuted into the international debt capital markets and announced the establishment of its US$ 3 billion Global Medium-Term Note (GMTN) Programme. The inaugural issuance of USD $1 billion notes successfully closed with the order book reaching US$ 3.8 billion. This bond issuance allows nogaholding to continue its ambitious plans to expand its portfolio across the oil and gas value chain and to fund the ongoing and future projects and potential ventures in the coming years.
The performance of the nogaholding group of companies was robust over the past 12 months and the financial results of nogaholding were in line with the stakeholders’ expectations. The portfolio companies were operated with high reliability and an exceptional level of safety performance was delivered.
Several project milestones were met during 2017 for the multibillion-dollar Bapco Modernisation Programme (BMP). The resulting larger and more complex refinery, with increased exports of higher value products, will generate positive cash flow for the Kingdom of Bahrain while providing new jobs and business opportunities for Bahrainis.
The Bahrain Gas Plant Project (BGP) and the strategic Bahrain LNG Import Terminal project are progressing well and planned to be completed by end of 2018 & early 2019 respectively.
nogaholding also continued to play a vital role in promoting best practice and encouraging operational excellence and benchmarking, risk management, business continuity management and business resilience within its portfolio companies.