Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, has announced the successful closing of a financial deal of $500 million with the United States Export-Import Bank (US Exim).

The secured financing will be utilised to expand operations at the Bahrain Field Expansion and Development Program located in the country's southern area, said the company in a statement.

By investing in the Bahrain field, Bapco Energies is contributing to the energy security of the kingdom, it stated.

Lauding the stratregic deal, Group CEO Mark Thomas said Bapco Energies was delighted to partner with US Exim on this significant transaction. "This strategic partnership underscores our ability to source financing from world-class organizations like US Exim," he stated.

"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," he added.

JP Morgan Chase and Company acted as the mandated lead arranger and disbursement agent on the transaction that was funded through the Private Export Funding Corporation (Pefco).

The Bahraini energy company said rigorous feasibility study was conducted in line with US Exim’s environmental and social procedures, thus 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 Bahrain while meeting the country’s energy demands, it added.