Gulf Oil and Gas accountACCOUNT

QFIB & Kuwait Energy Sign Strategic Investment Agreement

Source: 10/8/2012, Location: Middle East

Qatar First Investment Bank (QFIB), Qatar’s first independent Shari’ah compliant investment bank authorized by the QFC Regulatory Authority, and Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced today the signing of a USD 150 million strategic investment agreement.

The deal is structured in the form of a Convertible Murabaha which will be utilized to support Kuwait Energy’s ongoing expansion and growth plans and facilitate its continuous emergence as a leading independent player in the oil and gas exploration and production sector.

Back in June 2011, QFIB acquired a stake valued at USD 16 million in Kuwait Energy. Building on its track record of profitability, Kuwait Energy recorded a net profit of US$ 34.8 million in 2011, a year-on-year rise of 59%. The company also registered a 43% rise in average annual growth in daily average production from 2007-2011. Kuwait Energy’s working interest proven and probable reserves at end of 2011 were 235.3 million barrels of oil equivalent and its current production is approximately 17,750 barrels of oil equivalent per day.

Abdulla bin Fahad Al Marri, Chairman of QFIB said, “We are pleased to further fund Kuwait Energy’s growth and expansion plans. The E&P sector in the MENA region is undergoing a period of unprecedented growth and there is no doubt that Kuwait Energy is well positioned to capitalize on this opportunity. We will continue to work alongside Kuwait Energy’s strong management team and provide all the necessary support to facilitate their emergence as a leading regional independent player.”

Established in 2005, Kuwait Energy is specialized in exploration, development and production of oil and gas assets. The company operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.

Dr. Manssour Aboukhamseen, Executive Chairman, Kuwait Energy commented, “We thank QFIB for their continuous support. At Kuwait Energy we strive to capitalize on the increase in demand for global energy. We aim to utilize the funds from QFIB, to further expand the company and grow our position as a leading regional independent exploration and production provider with world class expertise.”

Kuwait Energy manages a diverse portfolio of oil and gas assets and its participation interests range between 15% and 100% depending on the asset type and stage of the project which balances the company’s risk profile.

Investment News in Kuwait >>

Nigeria >>  2/26/2021 - Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat's policy not to comment on press articles, on this occa...
United Kingdom >>  2/24/2021 - Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the announcement on 22 February 2021 , the Company has...

Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...
United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...

United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested £1million to develop a new R&D and engineering facility in Aberdeen...
Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.