Manama, Dec. 7 (BNA): His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Works and Youth Affairs and Chairman of the Board of Directors of the Oil and Gas Holding Company (Noga Holding), chaired the meeting of the company’s board of directors. Highlight the progress made in achieving the goals that were approved at the beginning of this year.
His Highness Shaikh Nasser bin Hamad Al Khalifa praised the effective role of the Board of Directors in ensuring the company’s commitment to international best practices in corporate governance. He praised the company’s efforts in developing the energy sector in Bahrain in line with the vision of His Majesty King Hamad bin Isa Al Khalifa and the aspirations of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. He also praised the support provided by the Supreme Committee for Energy and Natural Resources to Nogaholding.
The meeting shed light on the most prominent results of the executive management report for the last quarter of 2022, which deals with the company’s latest developments and achievements. It also discussed transformational plans for a number of strategic projects, as well as progress in the Bahrain Petroleum Company. Bapco refinery modernization project and its great importance in serving the refining sector locally and regionally.
The meeting discussed the new policies that were recently adopted within the framework of the Board of Directors’ efforts to pursue the improvement and development of the organizational structure of Nogaholding Company, including the adoption of a unified framework for human resources policies and practices.
The meeting focused on partnering with the Boston Consulting Group with the aim of developing a national energy strategy and transformational strategy, in addition to creating an effective operating model. His Highness pointed out the need to develop new tools and adopt innovative work methodologies to manage financial risks in a way that guarantees the company’s financial stability in light of the constant changes in global markets.
The Council approved the budget plan for the next year, in addition to approving a set of decisions related to the development of specific projects and new policies that improve institutional work systems, with a focus on initiatives and plans compatible with the Kingdom of Bahrain. plan to achieve zero neutrality.
During the meeting, His Highness touched on environmental, social and institutional governance, praising the unremitting efforts made by all group companies to implement and adopt the pillars of sustainability, in line with Bahrain’s Economic Vision 2030 and the National Recovery Plan.
AOQ