Bahrain plans to raise $1 billion for energy investments in a fund the government calls unique among Gulf Cooperation Council countries.
Investments will include development of Bahrain Petroleum Co.’s recent offshore discovery in an unconventional reservoir, estimated to hold 80 billion bbl of oil in place (OGJ Online, Apr. 4, 2018).
Funds also will be used for other upstream work as well as downstream projects.
The Bahrain Energy Fund will be backed by the government, which seeks to raise funds from financial institutions in the kingdom.
In a related move, the Bahrain Development Bank announced a venture capital initiative, the $100 million Al Waha Fund of Funds, to attract investment firms to the island nation and support business start-ups