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Arab Petroleum Investments sold 12.5% of its stake in the Bahrain National Gas Co.

November 07/2011

(Plastemart) -- Arab Petroleum Investments Corp., the multilateral development bank of the Organization of Arab Petroleum Exporting Countries, has sold 12.5 percent of its stake in the Bahrain National Gas Co. (Banagas) to Kuwait-based Boubyan Petrochemical Co. "The divestment was approved recently by Apicorp's board of directors," as per the company. The Saudi government owns a 17% stake in Apicorp.

Apicorp CEO Ahmad bin Hamad Al-Nuaimi said since the time it invested in Banagas 33 years ago, the company has evolved into a highly successful leading local, regional and international company. "As a result of its continued success, we feel it is appropriate to monetize 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 Al-Nuaimi. Banagas was founded by the Bahraini government (currently represented by the National Oil and Gas Holding Co.), Chevron and Apicorp in 1978 with stakes of 75%, 12.5% and 12.5% respectively.

The company's principal business comprises extracting and marketing propane, butane and naphtha, by processing associated gas from Bahrain's oil field, for the local, regional and international markets. Banagas is estimated to produce 4,720 bpd of naphtha, 1,230 bpd of butane and 1,310 bpd of propane. With more than 400 employees and a large volume of exports, Banagas plays an important role in the Bahrain national economy.

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