Abd al-Karim al-Sayid, who was previously senior deputy to the company’s executive president, is to take over the role from 1 January, after Dr Al-Sayed decided not to seek the renewal of his current contract.

Earlier in 2007, Bahrain created a $2.6bn holding company to take control of all state-owned energy assets in a move designed to reinvigorate the country’s oil and gas sector (MEED 10:8:07).

The new company, operating under the supervision of the National Oil and Gas Authority, will manage the government’s holdings in a number of local companies, including its 100 per cent stake in Bapco, 75 per cent in Banagas, 60 per cent in Bahrain Aviation Fuel Company and a one-third stake in Bahrain Petrochemical Industries Company.