Kuwait Energy seals investment from Abraaj Capital
Additional capital will fuel private sector explorer's E&P expansion
Kuwaiti private sector explorer Kuwait Energy has secured strategic investment from Abraaj Capital, in a move to provide the funding the rapidly-expanding independent needs to meet its exploration and production potential.
“At Kuwait Energy, we play an important role in supporting national economies and meeting global energy demand,” said Dr. Mansour Aboukhamseen, Executive Chairman, Kuwait Energy. “Through this new partnership with Abraaj Capital, we will be strongly positioned to realize our growth plans, which we are confident, will help us emerge as the leading independent E&P Company in the region.”
Abraaj’s ‘APEF IV’ fund will support a strategic investment in Kuwait Energy.
Established in 2005, Kuwait Energy currently has a diverse portfolio of oil and gas assets across production, development and exploration phases, with MENA operations in Egypt, Iraq, Yemen and Oman. In addition to covering the MENA region, the Company is focused on exploration, production and development of oil and gas reserves in Ukraine, Latvia and Russia.
Mustafa Abdel-Wadood, Chief Executive Officer, Abraaj Capital Limited, said: "We are very pleased to announce the investment in Kuwait Energy, a regional leader in exploration and production. This investment is the latest to be made through the Abraaj Private Equity Fund IV (APEF IV), which announced its inaugural transaction in December 2010, and has subsequently announced a number of additional transactions across diverse geographies and sectors which speaks to the strength of the pipeline and our ability to execute on our access to businesses benefiting from the region's increasingly positive economic environment. Given the continuing strong regional fundamentals, we see a very robust deal pipeline, across a range of high growth sectors moving ahead in 2012 and beyond."