His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, today inaugurated Bapco Energies, the new brand identity of the Oil and Gas Holding Company, nogaholding.
His Royal Highness noted the importance of diversification and development of the Kingdom's economy in accordance with Bahrain’s Economic Vision 2030 and in line with the Kingdom’s comprehensive development led by His Majesty King Hamad bin Isa Al Khalifa.
His Royal Highness highlighted the importance of investing in the oil and gas sector, as well as strengthening initiatives that ensure sustainability, create opportunities for Bahraini citizens, and impact the development of vital sectors.
His Royal Highness commended the initiative to advance the oil and gas sector, specifically the efforts of His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty’s Representative for Humanitarian Works and Youth Affairs, Chairman of the Oil and Gas Holding Company (Bapco Energies), which has enhanced the sector's competitiveness.
His Royal Highness expressed gratitude to Team Bahrain members for their vital role in meeting the sector's ambitious aspirations. In this regard, HRH the Crown Prince and Prime Minister noted the importance of using creative and innovative approaches in realising the Kingdom's development objectives designed to benefit both present and future generations.
During the launch of Bapco Energies, His Highness Shaikh Nasser bin Hamad Al Khalifa shared: "Today is a historic day as we embark on writing a new chapter for the future of energy in the Kingdom of Bahrain. Energy security is confronted with the realities of the world we live in and we need to implement a forward-thinking transition roadmap, mobilized by a diversified mix of energy sources, while ensuring we meet our climate action commitments."
"With Bapco Energies, we are evolving from a traditional oil and gas holding company into one that is innovative, progressive, open, ambitious, and will support us as we secure our energy future. Embracing renewable energy not only unlocks new investments, but also fuels innovation in financing, fosters collaboration among technology leaders, and creates economic opportunities for the nation," His Highness added.
Under Bapco Energies, the existing operating companies, including Bahrain Petroleum Company (Bapco), Bahrain National Gas Company (Banagas), Bahrain National Gas Expansion Company (Tawseah), Bahrain Aviation Fueling Company (BAFCO), Tatweer Petroleum, and Bapco Retail Company (Tazweed) will be integrated and rebranded into seven businesses over the next three years. The seven businesses include three new ventures focussed on maximising enterprise value through trading and investing in new technologies and renewables.
The inauguration was attended by His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty’s Representative for Humanitarian Works and Youth Affairs, Chairman of the Oil and Gas Holding Company (Bapco Energies), His Highness Shaikh Mohammed bin Salman bin Hamad Al Khalifa, and a number of other senior officials.