Apicorp sells stake in Banagas

26 October 2011

Development bank sells interest in Bahrain gas company to Kuwaiti petrochemical firm

The Saudi Arabia-based Arab Petroleum Investments Corporation (Apicorp) has sold its 12.5 per cent stake in the Bahrain National Gas Company (Banagas) to Kuwait’s Boubyan Petrochemical Company.

The sale ends the 33-year association Apicorp has had with Banagas since the company started in 1978.

“We feel it is appropriate to monetise our share in Banagas by transferring it to a strategic GCC-based investor so that we can advance our plans to initiate and develop other oil and gas projects,” said Apicorp chief executive officer, Ahmad bin Hamad al-Nuaimi, in a statement.

Apicorp is the development bank of the Organisation of Arab Petroleum Exporting Countries (Oapec).

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