On behalf of the Board of Directors, it is with great pleasure that I introduce The Oil and Gas Holding Company B.S.C (c) commonly referred to as nogaholding.
When the political leadership embarked on the economic and structural reform of the oil and gas industry in the Kingdom of Bahrain, we had a vision that related to a coherent and modern corporate governance framework, taking into account the recommendations of many studies on the subject.
The major part of the reform was the formation of the National Oil and Gas Authority (NOGA), which was established in 2005. NOGA is honoured to have been entrusted with responsibilities of the former Supreme Oil Council, the former Gas Committee and the former Ministry of Oil. NOGA regulates, oversees and develops the oil and gas industry in the Kingdom. As a further step in the process, The Oil and Gas Holding Company B.S.C (c) was incorporated by Royal Decree No. 77, for the year 2007, on 10th August 2007.
The prescribed objectives of the company included:
The acquisition of the Government's shareholdings and stakes in Bapco, Banagas, Banagas Expansion Company, Bafco and GPIC.
Investment of the Company's funds in oil and gas and related business.
Participation in joint ventures and establishment of enterprise and other companies.
In other words, nogaholding is the investment and business development arm of NOGA and, therefore plays a key role in the implementation of NOGA strategies. Within each subsidiary company, we set standards of performance that are 'world class' and nogaholding plays a vital role in promoting best practice and encouraging operational excellence.
The many roles of nogaholding serve to align strategies with the NOGA aim of fulfilling the Kingdom's continually growing demand for energy such that the vision of the kingdom can be achieved. In closing, I would like to express my sincere thanks to the political leadership of the Kingdom of Bahrain for their continued support and leadership.
H.E. Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa