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Article: Noga-Ahli United in $120m finance deal.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- October 13, 2009
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MANAMA: The Oil & Gas Holding Company, owned by the National Oil and Gas Authority (Noga), and Ahli United Bank (AUB) yesterday signed a $120 million agreement to finance its stake in the new $430m Lubricant Base Oil manufacturing plant in Bahrain.
The loan facility will be used to finance nogaholding's 27.5 per cent stake in the new plant, which will be one of the largest in the Middle East.
The nogaholding landmark joint venture is being established in partnership with Bapco and Neste Oil of Finland.
The new plant, set up to increase revenue from the domestic oil industry, will utilise feedstock from Bapco's Low Sulphur Diesel Plant to ...