His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Representative for Humanitarian Works and Youth Affairs, Chairman of Bapco Energies, presided over the Company’s Board of Directors meeting for the third quarter of this year.
During the board meeting, His Highness reviewed the Company’s financial performance for the first nine months of 2023 and discussed the Group’s strategic plans. These encompassed initiatives aimed at harnessing the Kingdom’s upstream capabilities to compete in international markets. Additionally, His Highness was briefed on updates regarding key projects aligned with the Kingdom’s vision for a transformative energy landscape, and in turn the Board approved funding facilities and investment structures.
Furthermore, the Board has endorsed enhancements in governance structure, aligning with the group’s new operational strategy, designed to effectively execute and deliver on the Kingdom’s energy future.
His Highness reaffirmed the Company’s commitment to accelerating the energy transition in the Kingdom of Bahrain. This included the considerable effort put forth in launching Bapco Energies’ Sustainability-Linked Financing Framework, which incorporates Scope 3 emissions. In doing so, Bapco Energies became the first national energy company in the world to reach such a milestone.
Furthermore, Mr. Mark Thomas, Group CEO of Bapco Energies, provided the Board with updates on several critical development projects. These updates included the status of the Bapco Modernization Program (BMP), ongoing exploration and production activities by Bapco Upstream, and comprehensive engagement plans and activities on the international stage, with a particular focus on COP28.