Nogaholding, the holding company for oil and gas assets owned by Bahrain, signed to obtain a five-year, $570 million Murabaha financing facility, it said.

The Islamic funding will support investment in a number of oil and gas projects in the kingdom, including the Bapco Modernisation Programme, a liquefied natural gas import terminal, and the Bahrain Gas Plant Project, it said.

Commenting on the announcement, Shaikh Mohamed bin Khalifa Al Khalifa, CEO of nogaholding, said: 'This is an investment in the future and highlights our continued efforts to grow the Kingdom of Bahrain’s oil and gas assets and position our nation as a significant regional and international player. We are embracing the opportunity presented by the prevailing challenging market conditions and are pleased our new bank syndicate shares our enthusiasm and excitement for the robust projects this financing will used for.'

The facility is provided by 10 international, regional and local institutions and is 60 per cent larger than originally envisaged, the company said. In November, Reuters reported that Nogaholding was seeking a $350 million sharia-compliant loan, the first for the group.