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13 Apr, 2022

His Highness Shaikh Nasser bin Hamad Al Khalifa Chairs The Oil and Gas Holding Company Board of Directors Meeting

His Highness Shaikh Nasser bin Hamad Al Khalifa Chairs The Oil and Gas Holding Company Board of Directors Meeting

Board approves nogaholding Financial Report for the year 2021

Manama, Bahrain: His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs, Chairman of the Oil and Gas Holding Company (nogaholding), lauded the excellent financial results achieved by nogaholding for the year ending 2021. His Highness presided over the Board of Directors meeting today, where the Board also approved the company’s 2021 Financial Report.

During the meeting, His Highness was presented with the nogaholding Executive Management Report, addressing the company's latest developments and transformation plans and outlining progress on several strategic projects managed by the company, such as the Bapco Modernization Program and the exploration and production activities carried out by Tatweer Petroleum. The outstanding financial performance during the past year came as a direct result of increased management efficiencies, compounded by the company’s efforts to reduce expenses and the recovery of the global energy sector.

His Highness praised the progress taking place on multiple fronts within the Kingdom’s energy sector, noting the efforts made by nogaholding and its operating companies to achieve the vision and goals set by the wise leadership towards the development of this vital sector.

His Highness highlighted nogaholding’s essential role in developing the sector by promoting investments and acting as a major catalyst for the Kingdom's overall economic growth. His Highness also stressed the importance of maintaining the company’s ongoing endeavors to promote efficiencies and increase productivity within the operating companies and ensuring their commitment to sustainability through the preservation of natural resources and securing the Kingdom’s future energy needs.