NOGA and Neste in US$400 million lube base oil JV

Bahrain is to establish a US$400 million lube base oil manufacturing plant in joint venture with a Finnish company. Oil and Gas Affairs Minister and Chairman of the National Oil and Gas Authority (NOGA) and BAPCO Abdulhussain Mirza signed an agreement on the formation of the joint venture firm with Neste Oil. The new company will be 55% owned by NOGA Holding and 45% by Neste Oil. Around 1,500 generated jobs are expected during the construction of the plant, which will produce lube base oil, the raw material for manufacturing lubricating oil. The signing ceremony, at the NOGA office in Manama, was attended by Finnish Ambassador Matti Lassila, Neste Oil Executive Vice-President Kimmo Rahkamo, Chief Financial Officer Petri Pentti, members of a Neste Oil delegation and representatives of NOGA Holding and BAPCO’s management. (May 17, 2008)