MANAMA — The Arab Shipbuilding and Repair Yard (ASRY) has signed a joint venture agreement with Woodlands Holdings to provide services related to the oil and gas industry in Bahrain. The company will provide turnkey production solutions that aim to maximize recovery from marginal assets, as well as accelerate production from unconventional resources. The agreement was signed in the presence of Sheikh Mohammed bin Khalifa Al Khalifa, Minister of Oil and Chairman of the Board of Directors of ASRY, and by Mazen Matar, Managing Director of ASRY, and Sam Kawa, CEO of WoodServ. The minister welcomed the signing of the agreement that will contribute to providing solutions and services to Bahrain to enhance the competitiveness of the oil and gas extraction process, attracting investments contributing to the Kingdom"s economic growth and vision for 2030. Sheikh Mohammed stressed that the National Oil and Gas Authority (NOGA) and its subsidiaries are working under the directives of HM King Hamad bin Isa Al Khalifa who pays great attention to the development of the oil and gas sector, through the expansion of the use of the latest modern systems in exploration and production and benefit from international expertise in this field. He praised the close cooperation between Bahrain and the US in the oil and gas sector that are steadily developing through the US oil companies in supporting the Kingdom"s efforts in all specialized areas in the vital oil sector and in light of the long experience of these companies and their advanced modern technological systems. The joint venture between ASRY and WoodServ will achieve further gains for the oil and gas sector in Bahrain, which WOODSERV brings leading tried and tested U.S.A. technology, engineering and expertise to Bahrain, he added. The new joint venture combines ASRY’S local capabilities and facilities with WoodServ’s leading expertise in bringing US technology and optimization solutions to Bahrain creating a local center of excellence. The minister pointed out that both ASRY and WoodServ have worked hard to establish a joint venture to enhance investment in providing training and employment opportunities for Bahraini citizens. It also contributes to creating harmony between the local capacities and facilities of "ASRY" with WOODSERV’s experience in bringing US technology and creative solutions, resulting in the establishment of a distinguished service center in Bahrain that is capable of providing innovative solutions and extending the oil services of the region. WoodServCEO Sam Kawa praised the outstanding capabilities and expertise of ASRY and appreciated the company"s important role in providing high-quality services in the specialized fields of ship construction and repair, wishing the company success in achieving its aspirations for growth and prosperity. Kawa noted that WoodServ aims to be the provider of innovative energy solutions in collaboration with ASRY, which has engineers with extensive experience in design, construction, operation, and maintenance. He stressed that the company had invested in Bahraini talent through the recruitment of engineers graduating from the University of Bahrain and provided training opportunities in the US to gain direct experience in manufacturing, engineering and services, which in turn contributed in achieving high productivity. He pointed out that the company has chosen Bahrain as its international headquarters because the Government of the Kingdom provides continuous support to various international companies. Bahrain is considered a fertile ground for establishing many projects in a variety of fields, he said, wishing the Kingdom success and prosperity under its leadership. — Bahrain News Agency