Kuwait Energy Company (KEC) announced today that it bought a strategic share in a onshore petroleum fields in Egypt that includes a crude oil refinery.
Dr. Abdulmuhsin Al-Midaij, KEC Chairman singed the purchase agreement in Egypt with Mr. Husam Awadalla, Chairman Gharib Fields in the presence of Kuwait’s Ambassador to Egypt Ahmad AlKulaib and officials from both companies.
Dr Al-Midaij said after signing the agreement that KEC bought 37.5% of Gharib field that has exploration and excavation rights to the fields located at the Burg Al-Arab (Arab Towers) area in the Western Desert.
“This is the first project in a series of potential projects we’re negotiating. The project is also a part of the company’s strategy to build a base for its investments in Egypt.”
From her side, Eng. Sara Akbar, Executive President at KEC affirmed that deal offers a special program to advance field’s production and an exploration program in that specific region.
She added that KEC considers Egypt and the Middle East as one of the major regions for oil exploration. The company has presented an offer for another developmental program, and is evaluating three more other projects.
Akbar emphasized that there are many favorable advantages and investment opportunities in Middle East which is expected to generate better return on investment than other investment area, adding that KEC will capitalize on these opportunities. “The company has strategic plans that will enable it to display an improved performance and achieve exceptional results.” The company has already made considerable gains within a short period since inception, Akabar stated.
Established in August 2005, KEC has a vision to become the pre-eminent Middle East-based independent oil and gas company, and achieve production of 50,000 BOE/day with net reserves of 300 million BOE by 2010.
The company has signed last March a service agreement for a major oil field in the Sultanate of Oman in partnership with Medco Energi Internasional Tbk of Indonesia to manage the Karim field located at the southern Nimr-Karim area of Oman.
KEC delegation to Egypt included, Al-Midaij, Akbar, one of its founders Sheikh Mohamad Jarrah AlSabah, and Dr. Abdulsamee Bahbahani, KEC COO. The delegation held a series of meetings with the Egyptian Oil Minister Sameh Fahmi, and other Egyptian officials.