ABU DHABI, Nov 1 (Reuters) – Bahrain’s energy plan and state oil operations plan could be completed in six months with implementation starting a year later, the company’s CEO Mark Thomas said on Tuesday.
The company last month hired Boston Consulting Group to help develop the two strategies and Lazard as a financial advisor.
“The Kingdom itself does not have a comprehensive energy plan that looks ahead to the next 20, 30 years, and the choices, trade-offs, choices we will have to make during that time,” Thomas. he told Reuters on the sidelines of a business event in Abu Dhabi.
“Junk”-rated Bahrain, a small non-OPEC oil producer, is one of the most indebted countries in the region, and wants to cash in on high energy prices.
The national plan will weigh options to support economic growth, meet environmental obligations and expand Bahrain’s natural resources, Thomas said, while the operational plan will focus on helping the nogaholding consolidate and expand its structure.
Thomas said all options are on the table, including potential public listings and funding sources. Nogaholding has 15 portfolio companies.
“Corporate mergers are a possibility … Looking at how we can consolidate corporate operations into a shared service organization is definitely on the table.”
He said international oil firms and regional oil giants Saudi Aramco and ADNOC were being looked at as examples.
Aramco and ADNOC have sold stakes in their pipeline infrastructure to consortia of investors in multibillion dollar deals linked to major loans. Loans have been, or will be, refinanced with bonds.
“One of the tasks that we have given to Lazard is how we can look at the money of the asset but in a different structure that achieves the financial goal, but cleans our balance,” said Thomas, as nogaholding tries to reduce the balance sheet. debt.
“I would say today, compared to 12 months ago, the light in this kind of process has appeared,” he added, referring to the pipeline deals and the current economic outlook.
Nogaholding hired banks to develop an environmental, social and governance (ESG) framework earlier this year, Thomas said, declining to name the banks.
That framework is expected to be finalized in a few months and will allow the company to issue green bonds if it decides to do so, he added.
Reporting by Yousef Saba
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