The investment arm of Bahrain’s National Oil and Gas Authority (Noga), Nogaholding, has substantial expansion plans and expects to invest in excess of $7b across several separate ventures by 2022, Trade Arabia reported, citing Bahrain’s Minister of Oil, Shaikh Mohammed bin Khalifa Al Khalifa.

Bahrain, like other Gulf States given their status as hydrocarbons producers, will further develop its downstream sector to go up the value chain and further diversify its economy, Gulf Base wrote.

Bahrain’s good connectivity in the region and its business-friendly incentives environment (allowing for 100% foreign ownership of projects across the country) gives it a competitive advantage, Al Khalifa said.

Nogaholding has already expanded its assets portfolio with Bahrain LNG, recently forming a joint venture with a consortium of Teekay, GIC and Samsung. The proposed Bahrain LNG Import Terminal will enable the kingdom to import LNG to augment gas production from the Bahrain Field, helping to manage the seasonal swings in gas demand, and lengthen the life span of gas reserves, while also providing additional reliability at peak demand.