Oil Ministry takes over Bahrain's NOGA

MANAMA: Bahrain's government has abolished the National Oil and Gas Authority (NOGA) and handed over all its functions to the country's oil ministry.

According to a royal decree (No 99/2021) from His Majesty King Hamad bin Isa Al Khalifa all financial appropriations allocated for NOGA in the state budget and all its rights and obligations shall be transferred to the Ministry of Oil.

All NOGA's employees will also be transferred to the said ministry with the same rights and benefits.

In April this year, HM the King had appointed the National Security Advisor and Secretary-General of the Supreme Defence Council, HH Shaikh Nasser bin Hamad Al Khalifa, as the Chairman of the Board of Directors of the Oil and Gas Holding Company (Nogaholding), the investment and business development arm of NOGA.

Reliance backs Al-Rumayyan for director role

DUBAI: Reliance Industries has backed Aramco Chairman Yasir Al-Rumayyan for his appointment as an independent director, pending a shareholder approval on the decision.

Last week, shareholder California State Teachers' Retirement Fund had decided to vote against the move based on US proxy advisory research firm Glass Lewis' recommendation.

The voting process on the appointment, made on July 19 for a period of three years, will end on Octrober 19.

Al-Rumayyan's inclusion to the board was widely seen as part of a process to formalise a deal to sell 20 per cent stake in the Indian conglomerate's oil-to-chemical business to the world's top oil exporting company for $15 billion in 2019.

However, Reliance denied the appointment had any connection with the transaction.