Minister of Oil announces launch Of $1bn Bahrain Energy Fund
Bahrain’s Minister of Oil has announced the launch of the Bahrain Energy Fund (BEF), which looks to raise a total of $1bn.
The BEF will receive an initial seed capital from entities in Bahrain, including Nogaholding, Osool and SICO.
“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 BEF 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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14th May 2018
