His Highness Shaikh Salman bin Hamad Al-Khalifa, the Deputy King, the Crown Prince issued Decree No. 77 for the year 2007 dated 10th August 2007 with respect to the formation of Oil & Gas Holding Company, a Bahraini Joint-Stock Closed Company (B.S.C.). The Decree included:
We Salman bin Hamad Al-Khalifa, Deputy King of the Kingdom of Bahrain; In pursuance of the Constitution. In pursuance of the Commercial Companies Law promulgated by Decree-Law No. 21 for the year 2001. In pursuance of Decree No. 78 for the year 2005 with respect to the formation of the Board of Directors of National Oil & Gas Authority and the specification of the Authority’s objects and functions. In pursuance of the Code of Procedures of the Board of Directors of National Oil & Gas Authority, promulgated by Ministerial Order No. 2 for the year 2006. In pursuance of the Memorandum of Incorporation and the Articles of Association of the Oil & Gas Holding Company B.S.C. In accordance with a recommendation submitted by the Minister of Oil & Gas Affairs Chairman of the National Oil & Gas Authority. After approval of the Council of Ministers.
Have decreed as follows:
It is hereby licensed to incorporate the Oil & Gas Holding Company, a Bahraini joint-stock closed company (B.S.C.) subject to the Memorandum of Incorporation and Articles of Association of the Company, attached hereto.
The Holding Company, its subsidiaries and the companies in which the Government acquires a shareholding of not more than one-half of the share capital shall be subject to the control of National Oil & Gas Company (NOGA) in so far as such control does not conflict with the articles of association of such companies.