Bahrain to Set Up $2.65B Energy Company for National Assets



DUBAI, (Dow Jones Newswires), Aug 02, 2007 (Dow Jones Commodities News)

Bahrain is to establish a holding company for all oil and gas assets creating a 1 billion Bahraini dinar ($2.65 billion) firm to attract greater foreign investment in the country's energy sector, the Bahrain Tribune reported Thursday.

The Holding Company for Oil and Gas will include the Bahrain Petroleum Co., Bahrain Aviation Fuelling Co., Bahrain National Oil Co. and Bahrain National Gas Co. under the umbrella of the Bahrain Government's Mumalkaath Holding, the newspaper said.

Bahrain is in the process of tendering four offshore oil exploration blocks, with contracts to be awarded by the end of October.

Bahrain has also invited bids to revamp its onshore operations, due by October 17.

Copyright (c) 2007 Dow Jones & Company, Inc.