Minister of Energy presides over NOGA and nogaholding Board meeting

Minister of Energy His Excellency Dr. Abdul Hussain bin Ali Mirza, Chairman of the National Oil and Gas Authority (NOGA) chaired a meeting of the Board of Directors on February 21 at the NOGA headquarters.

The Minister opened the meeting congratulating the wise leadership on the occasion of the anniversary of National Action Charter, which came to strengthen the democratic process and public participation in national decision making. Chairman and members of the Board expressed their gratitude and appreciation to the wise leadership for the support enjoyed by the NOGA projects and programs, promoting the energy sector in the country and stimulating national economy.

The Minister shared with board members the financial situation of the oil companies affiliated to NOGA in the backdrop of the current downturn of global oil prices. He stressed the need to find suitable plans to increase revenue and reduce expense without compromising key programs and strategic projects of oil and gas sector. He also underlined the need for all national oil and gas oil companies to abide by to NOGA governance, both existing systems in place and addition recommendations from financial and administrative offices.

Members reviewed developments and performance of all NOGA companies, audit reports, training plans and career replacement policy of NOGA. They also discussed the latest developments related to the oil and gas investment strategy as well as the petrochemical industry, including deep gas exploration and refinery modernization. The Minister said he was very keen to implement plans and programs that kept pace with the wise guidance of the leadership of the Kingdom that helped drive in investments in the oil and gas sector in order to strengthen the national economy.

At the conclusion of the meeting, H.E. Dr. Mirza expressed his appreciation to the top management and heads of departments in NOGA, nogaholding and all affiliate companies for their sincere efforts and positive response to new developments in the oil and gas sector.