Bapco Energies of Bahrain has successfully closed a $500 million financing deal with the United States Export-Import Bank (US EXIM). The funds will be used to enhance operations as part of the Bahrain Field Expansion and Development Program, which is located in the southern region of Bahrain.
This investment is poised to bolster the energy security of Bahrain, reflecting Bapco Energies’ commitment to advancing the Kingdom’s energy infrastructure.
Mark Thomas, Group Chief Executive Officer of Bapco Energies, expressed his enthusiasm about the partnership: “We are thrilled to collaborate with US EXIM on this significant deal. This strategic alliance highlights Bapco Energies’ capability to secure funding from premier global institutions such as US EXIM.”
Thomas further emphasized, “Guided by our Chairman, His Highness Shaikh Nasser bin Hamad Al Khalifa, and under the leadership of His Majesty the King’s Representative for Humanitarian Works and Youth Affairs, Bapco Energies remains dedicated to investing in the national energy infrastructure to address future energy needs.”
J.P. Morgan Chase & Co. served as the mandated lead arranger and disbursement agent for this transaction, which was funded through the Private Export Funding Corporation (PEFCO). A comprehensive feasibility study was conducted in accordance with US EXIM’s environmental and social standards, affirming the project’s viability and alignment with the bank’s lending criteria. This validation ensures that the project will provide substantial environmental and social benefits while meeting Bahrain’s energy requirements.
