Oct 07 2012
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QFIB, Kuwait Energy sign strategic 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 $16 million in Kuwait Energy. Building on its track record of profitability, Kuwait Energy recorded a net profit of $34.8 million in 2011, a yearon- 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.
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