Bahrain’s Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA), signed to obtain a five-year $570m murabaha financing facility to expand its oil and gas development projects, reported Reuters.

The Islamic funding will support investment in Nogaholding’s plan for expansion. The company expects to invest in excess of $7b across several separate ventures in the given time frame. These include three key developments: the BAPCO Modernization Program of the refinery with a capacity of 260,000b/d, the LNG Import Terminal, and the Bahrain Gas Plant Project, which is a part of Bahrain National Gas Expansion Company.

As to the LNG Terminal Project launched in December 2015 on a BOOT (build-operate-own-transfer) basis with a consortium of international investors – Teekay, Samsung C&TR, and GIC, Zawya informed that the project comprises an offshore receiving and regasification facility, subsea gas pipelines, and an onshore gas receiving. facility.

The facility is provided by 10 international, regional and local institutions: Arab Banking Corp, Ahli United Bank, Arab Petroleum Investments Corp, Gulf International Bank, National Bank of Bahrain, Qatar Islamic Bank, Kuwait Finance House, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and HSBC.