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OIL AND GAS NEWS

nogaholding signs $300m push facility with Italy’s SACE

Nov 15, 2022 11:42 AM

Bahrain s Oil and Gas Holding Company (nogaholding) has signed a 300 million push facility with the Italian Export Credit Agency (SACE) for financial support on key energy projects in Bahrain further strengthening...

Bahrain’s Oil and Gas Holding Company (nogaholding) has signed a $300 million push facility with the Italian Export Credit Agency (SACE), for financial support on key energy projects in Bahrain, further strengthening the kingdom’s relationship with Italy. 
 
The financing, arranged by HSBC and guaranteed by SACE, is structured as a sustainability-linked loan, under which nogaholding commits to pre-agreed sustainability objectives, said a statement. 
Under the agreement, SACE will establish a $300 million push facility for nogaholding. The 10-year financing is part of SACE’s push strategy programme and aims to increase business opportunities for Italian exporters, strengthening SACE's positioning in a strategic area for Italian exports. 
 
The push strategy primarily targets local counterparts of Italian exporters - selected and leading foreign buyers - and provides access to medium to long-term financing, guaranteed by SACE, to support their investment and growth plans. 
 
The agreement was signed by the nogaholding Group Chief Executive Officer Mark Thomas and SACE Chief Executive Officer Alessandra Ricci. The signing ceremony was held at SACE’s headquarters in Rome in the presence of representatives from the various entities involved.
 
Thomas said: “We are pleased to be partnering with SACE, who are an active participant within the Export Credit industry. Through this Sustainability-Linked facility, we will be able to accelerate our efforts toward sustainable economic growth that aligns with the Kingdom’s energy demands while adhering to decarbonisation commitments. This agreement with SACE highlights the importance of our relations with Italy and Italian companies that have played an integral part in the nogaholding journey.” 
 
HSBC Bank Middle East Limited has been appointed as the ECA Coordinator, sole structuring bank, and sustainability coordinator. Latham and Watkins LLP have acted as nogaholding legal counsel overseeing the transaction, while Watson Farley and Williams acted for the lenders and the ECA.
 
“We are really proud to confirm our commitment towards supporting Italian Mid and SMEs and to be able to foster new export opportunities in the Middle East thanks to this transaction, which is also aimed at facilitating nogaholding's energy transition. We are also particularly pleased to have partnered with HSBC, along with other key regional banks like First Abu Dhabi Bank, Gulf International Bank and Riyad Bank in its first untied transaction in the Kingdom of Bahrain within the framework of SACE’s Push Strategy,” commented Alessandra Ricci, SACE Chief Executive Officer.  -TradeArabia News Service

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