Bapco Energies Acquires Minority Stakes of Chevron and Boubyan Petrochemicals in Bapco Gas

TDT | Manama

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Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, today announced the acquisition of the minority stakes held by Chevron (12.5%) and Boubyan Petrochemicals (12.5%) in Bapco Gas, formerly known as Banagas.

This strategic acquisition marks a significant milestone for Bapco Gas and aligns with Bapco Energies' vision to further integrate its value chain.

The acquisition of these minority stakes will enable Bapco Energies to fully integrate Bapco Gas into its operations, optimizing its portfolio and enhancing synergies across its various subsidiaries.

 Additionally, the acquisition represents the first step in Bapco Energies’ program to consolidate its investments and assets in line with the vision of the Bapco Energies’ Board of Directors, led by His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Works and Youth Affairs, Chairman of Bapco Energies.

Mark Thomas, Group Chief Executive Officer of Bapco Energies, commented on the transaction: "We are grateful for Chevron's involvement as a long-standing shareholder of Bapco Gas since 1979 and for their continued contribution to the broader Bahrain oil and gas industry.

We also extend our thanks to Boubyan Petrochemicals for their cooperation in making Bapco Gas a successful business. Looking ahead, the future is bright for Bapco Gas, and having full ownership will allow us to further integrate it within our strategic plans to establish a robust and relevant Bapco Energies."

Bapco Gas has long been a pivotal player in Bahrain's gas value chain, and this acquisition underscores Bapco Energies' commitment to strengthening its foothold in the market.

Lazard served as the exclusive financial adviser to Bapco Energies in connection with this transaction.