Portfolio Companies

nogaholding adheres to disciplined and prudent investment policies to develop its investment portfolio and enable growth among other bahraini industries and sectors. The two principal components of nogaholding’s investment policies are its well-defined and focused Strategy, Approved and regularly reviewed with its board of directors, and its investment process. We focus on strategic national investments designed to provide meaningful employment and economic goals that yield industry-average overall returns.

Banagas and Tawseah

Banagas is a joint venture between nogaholding, Chevron Bahrain and Boubyan Petrochemicals. nogaholding owns 75% stake in the company, while the remainder is equally divided between Chevron Bahrain and Boubyan Petrochemicals. Tawseah is a wholly owned subsidiary nogaholding.


Tatweer Petroleum – Bahrain field development company W.L.L. assumed responsibility for the stewardship and revitalization of the mature Bahrain field and the execution of all activities related to the petroleum operations in December 2009.

The Bahrain Aviation Fuelling Company

BAFCO was established as a closed shareholding company in 1985, and is responsible for all aviation refueling operations at Bahrain International Airport. It is a joint venture between nogaholding, Chevron Asia Pacific, and bp Middle East. nogaholding owns 60% stake in the company, while Chevron Asia Pacific owns 27% and bp Middle East owns 13%.

Bahrain Gasoline Blending

BGB was established in 2016 as a joint venture between nogaholding, Bapco and Greenergy. It was formed to develop new blending facilities in Bahrain that processes a variety of gasoline components, positioning Bahrain as a leading participant in the gasoline market in the Middle East.

Bahrain LNG

Bahrain LNG was established in 2015 with the purpose of designing, financing, constructing, commissioning, and operating the Bahrain LNG import terminal that comprises of an offshore LNG reception and regasification facility, a gas pipeline and an onshore receiving facility in Bahrain.


GPIC is an equally owned joint venture company between nogaholding, SABIC and PIC. It was established in 1979 for the manufacturing of fertilizers and petrochemicals.

Bahrain Lube

Bahrain Lube was established in 2009 as a joint operation between nogaholding, Bapco and Nesté Bahrain. The plant started operations in 2011 at the Sitra Refinery. Today, nogaholding owns 72.5% of the issued share capital in Bahrain Lube, with the remaining 27.5% owned by Bapco.


Established in May 2016, BAC JETFUEL is a joint operation between nogaholding and Bahrain Airport Company, a wholly owned government entity.


ASRY is the leading maritime repair and fabrication facility in the Arabian Gulf, established in 1977, which now operates a graving dry dock, two floating docks, slipways, and berths to carry out maritime maintenance on ships, rigs, and navy vessels.


Bapco was established in 1929 by California’s Standard Oil Company (SOCAL) to undertake oil exploration activities in Bahrain. Since then, the Company has been heavily involved in the development of Bahrain’s oil and gas sector, including the discovery of the Bahrain field in 1932. Oil was first exported in 1934, and the Bapco Refinery started its operations in July 12, 1936.