Bahrain, Malaysia to strengthen oil, gas ties

Manama : The Bahrain Economic Development Board (EDB) and the Malaysia Petroleum Resources Corporation (MPRC) have today signed an MOU to promote cooperation and explore opportunities in the oil & gas sectors..

The Memorandum of Understanding was signed on the side lines of a business forum hosted by MPRC in conjunction with Offshore Technology Conference Asia 2016. Ms Dharmi Magdani, country head of the EDB’s India office which covers the Asia region, addressed the forum on the many business opportunities available to Malaysian companies in Bahrain, and on the importance of knowledge sharing and promoting cooperation between industry leaders.

Bahrain and Malaysia have a history of firm bilateral relations and engagement on a variety of economic and strategic fronts. In addition to manufacturing and oil and gas, both countries are leaders and innovators in Islamic finance and rapid growth has prompted closer ties in this sector. A number of Malaysian financial institutions such as CIMB and Malayan Banking Berhad (Maybank) have offices in Bahrain, and in 2012, Bahrain’s investment arm, Mumtalakat Holding Company, raised around $1 billion in an Islamic bond issue on the Bursa Malaysia.

Malaysian construction companies are also performing well in Bahrain and have successfully delivered a number of large-scale and high profile projects including the Formula One circuit, the North Manama corridor project, the Shaikh Khalifa bin Salman Highway, and the Bahrain City Centre.

Malakoff Corporation, Malaysia’s largest and one of Southeast Asia’s largest independent power producers has acquired a substantial stake in Bahrain’s Hidd Power Company as part of its global expansion and further highlighting the strength of the two nation’s investment relationship.

The Bahrain EDB has international offices based at the Bahrain Embassy in Delhi and Mumbai, which provide information and support to interested investors in the Asia region. Investors wanting more information about Bahrain can visit www.bahrain.com or contact Ms Dharmi Magdani, the EDB’s representative in South Asia, on dharmi.magdani@bahrainedb.com