Qatar First Investment Bank ( QFIB ), Qatar's first independent Sharia 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 $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 $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.
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.
Kuwait Times
7 October
