Bahrain’s Minister of Oil has announced the launch of the Bahrain Energy Fund which seeks to raise $1 billion.
Sheikh Mohammed bin Khalifa Al Khalifa said the fund will be the first in the GCC in providing institutional investors with access to local energy assets.
The announcement was made at Gateway Gulf which brings together over 500 global investors and business leaders to explore ways of unlocking the opportunities being created by the economic transformation in the GCC.
The event provides a direct route into accessing the GCC market by showcasing major investment-ready projects worth $18 billion, with projects in the planning phase driving up the value of the project pipeline to $26 billion.
The Bahrain Energy Fund will seek to raise a total of $1 billion and receive an initial seed capital from entities in Bahrain, including Nogaholding, Osool and SICO and will be open to investors in Bahrain, the GCC and internationally.
It will invest in a range of energy projects in Bahrain across the downstream, mid-stream and upstream sectors, which includes developments in the newly discovered oil and gas resource. Some of the projects are at an advanced stage of development enabling a rapid deployment of capital, a statement said.
Al Khalifa said: “We are delighted to announce the launch of the Bahrain Energy Fund – a real innovation for the region. For the first time, institutional investors will have the opportunity to gain access to energy assets.
“These are exciting opportunities at an advanced stage of development, giving us the opportunity to deploy capital rapidly and generate returns for investors, while also accelerating the development of vital infrastructure projects in Bahrain.”
Bahrain recently announced the discovery of a new tight oil and deep gas resource in the Khaleej Al Bahrain Basin, located off the west coast of the kingdom.
The find represents the largest discovery of oil in the kingdom since 1932, when extraction started on Bahrain’s first oil well within the Bahrain Oil Field.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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