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MANAMA: The National Oil and Gas Authority (NOGA) has announced that the Oil and Gas Holding Company (nogaholding) has acquired the shares of the Government of the Kingdom of Bahrain in the Arab Shipbuilding and Repair Yard Company (ASRY), which is considered the leading company in the field of repair, construction and marine engineering in the Middle East region, in line with the policy and strategy of the National Oil and Gas Authority to achieve the optimum economic benefit.

Based on the company's new policies and the implementation of the next phase of its long-term strategy, the ASRY Board of Directors has approved the appointment of H.E. Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, as Chairman of ASRY. Additionally, Mr. Mazen Mohammed Matar is appointed as a Board Member and Managing Director of the Company, with the responsibilities of the Chief Executive Officer, succeeding Mr. Magdy Sharkawy, Acting Chief Executive Officer who lead the company through the recent transition period, and who will continue his involvement in the company in an advisory role.

On this occasion, H.E. the Minister of Oil, said in a statement that the oil and gas sector in the Kingdom of Bahrain enjoys support from the Kingdom's leadership to enhance capacity and optimise the use of oil resources for the benefit of the national economy. H.E. the Minister of Oil affirmed the keenness of NOGA to continue the growth and prosperity in the oil sector through various investments in order to establish and build specialised companies that benefit the national economy. HE highlighted the development of ASRY's services and modernisation of the company as a specialised ship repair facility, in addition to its role as a provider of diversified new revenues including offshore platform repair and maintenance services, offshore services, engineering and manufacturing services. H.E. the Minister added that a modernised ASRY will complement the NOGA portfolio and contribute to the progress and prosperity of the Kingdom in various fields, in cooperation with various regional and international companies. 

At the end of his statement, H.E. the Minister of Oil, extended his sincere thanks and appreciation to H.E. Shaikh Duaij bin Salman Al Khalifa, Chairman of ASRY and the outgoing board members for their tireless efforts in developing various services in the company, wishing them all success in achieving their future goals.