United Energy to buy Kuwait Energy
HONG KONG, September 24, 2018 – Hong Kong-listed E&P company United Energy has announced it will acquire Kuwait Energy for as much as USD 651 million, international media reported on Monday.
In a filing with the Hong Kong stock exchange cited by Reuters, United Energy described the move as a bid to enter the Middle East and North Africa markets that would render the company a medium-sized international independent.
The company also said it is setting the stage for further expansion, eyeing international merger and acquisition opportunities.
Upstream player Kuwait Energy has projects in Egypt, Iraq, Oman and Yemen. These include E&P contracts in Block 9 and the Siba and Mansuriya gasfields in Iraq, as well as a service contract at Oman’s Karim Small Fields development.