Kuwait's oil giant sells off iron plant for $183 million

Published October 17th, 2000 - 02:00 GMT

Kuwait Petroleum Corp. has sold an iron plant it owned through the Bahrain-based Gulf Industrial Investment Company (GIIC) for $183 million, a statement said Sunday. 

 

GIIC was sold jointly to Gulf Investment Corp. (GIC) and Itabira Rio Doce Company Ltd., a wholly owned subsidiary of Brazil's Companhia Vale do Rio Doce (CVRD), a statement issued by the National Bank of Kuwait (NBK) said. 

 

"As of today, GIC and CVRD each own 50 percent of the shares of GIIC, and have paid KPC and its subsidiaries an acquisition price of $183 million ," said NBK, which advised KPC on the sale. 

 

GIIC owns and operates a large iron ore pelletizing plant with an annual production capacity of four million tones of pellets used in the steel manufacturing process.  

 

Although KPC's main purpose is to operate the energy sector in the oil-rich emirate, the petroleum conglomerate has some $12 billion of investments worldwide. KPC assets reached $29 billion on June 30. 

 

GIC, with assets worth $18.8 billion , is equally owned by the GCC states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. – (AFP) 

 

© Agence France Presse 2000 

 

 

© 2000 Mena Report (www.menareport.com)

You may also like