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Article: Noga-Ahli United Bank in $120m finance deal.
- Article from:
- TradeArabia (Manama, Bahrain)
- Article date:
- October 13, 2009
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Byline: Manama
Bahrain's Oil & Gas Holding Company, owned by the National Oil and Gas Authority (Noga), has signed a $120 million agreement with Ahli United Bank (AUB) to finance its stake in the new $430 million lubricant base oil manufacturing plant.
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's 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 ...