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Decree No. 77 For the Year 2007 Incorporating Oil & Gas Holding Company, a Bahraini Joint-Stock Closed Company (B.S.C.)

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:

Article 1

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.

Article 2

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.​

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