Bahrain’s Oil and Gas Holding Company, the investment arm of Noga Holding, has hired banks to issue a ten-year bond.

The holding company, fully-owned by the Bahraini government, has hired  Citi, JPMorgan, Bank ABC, BNP Paribas, Gulf International Bank and HSBC to advise on its debut bond issue, according to a report in the Financial Times.

Low oil prices have prompted regional oil and gas companies, such as Saudi Aramco, to tap into the debt markets. In March, Aramco was reported to be planning to launch a $2bn bond sale ahead of its initial public offering, while it was reported in 2016 that Kuwait Petroleum Corporation was considering tapping bond markets to fund its energy investment plans.