Bahrain Launches $1bn Energy Fund
Bahrain has launched a $1bn energy fund that will raise capital from both local and overseas investors who are keen to have access to country’s oil and gas assets, reported state owned Bahrain News Agency (BNA).
The Bahrain Energy Fund, which the government says is first of its kind in the Gulf Cooperation Council (GCC) region, will have initial capital from the government of Bahrain. The fund will seek to raise a total of $1bn and receive initial capital from institutions in the country including the Oil & Gas Holding Company, Osool Asset Management and SICO Investment Bank, and will be open to investors in Bahrain, the GCC and the rest of the world, BNA said.
The fund will invest in a range of energy projects in the refining and production sectors, including developments in newly discovered oil and gas fields as well as the review of some oil projects in the advanced stages allowing for more investment and capital increase. The fund will also provide private capital to help finance Bahrain's major infrastructure and promote the development of bioenergy projects, oil minister Sheikh Mohammed bin Khalifa al-Khalifa said.
"We are delighted to announce the launch of the Bahrain Energy Fund, which is a real innovation for the region. For the first time, institutional investors will have the opportunity to access energy assets," the minister said.
Last month Bahrain announced a big oil and gas discovery within the 2,000 km2 Khalij Al-Bahrain basin, located in shallow waters off its west coast.