Bapco Energies, Kingdom of Bahrain, announced the successful closing of a financial deal of US$ 500 million with the United States Export-Import Bank (US EXIM).
The secured financing will be utilized to expand operations at the Bahrain Field Expansion and Development Program located in the southern area of the Kingdom of Bahrain.
By investing in the Bahrain field, Bapco Energies is contributing to the energy security of the Kingdom of Bahrain.
Commenting on the transaction, Mr. Mark Thomas, Group Chief Executive Officer of Bapco Energies:“We are delighted to partner with US EXIM on this significant transaction. This strategic partnership underscores Bapco Energies’ ability to source financing from world-class organizations like US EXIM”
Mr. Thomas also added: “As we are leading the energy transition in the Kingdom of Bahrain under the guidance of our Chairman His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Representative for Humanitarian Works and Youth Affairs, Bapco Energies will continue to invest in enhancing the national energy infrastructure to meet future energy demands.”
J.P Morgan Chase & Co. acted as the mandated lead arranger and disbursement agent on the transaction that was funded through the Private Export Funding Corporation (PEFCO).
A rigorous feasibility study was conducted in line with US EXIM’s environmental and social procedures, demonstrating its viability and alignment with the bank’s lending criteria. This further solidifies the project’s potential to deliver significant environmental and social benefits to the Kingdom of Bahrain while meeting the country’s energy demands.
