QFIB and Kuwait Energy sign strategic investment agreement
- Qatar: Monday, October 08 - 2012 at 10:56
- PRESS RELEASE
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 the signing of a $150m strategic investment agreement.
Back in June 2011, QFIB acquired a stake valued at $16m in Kuwait Energy. Building on its track record of profitability, Kuwait Energy recorded a net profit of $34.8m 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 235.3m 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.
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