Doha: Qatar First Investment Bank (QFIB), Qatar’s first independent Shariah-compliant investment bank authorised 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 yesterday the signing of a $150m strategic investment agreement.
The deal is structured in the form of a Convertible Murabaha which will be utilised 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 $16m in Kuwait Energy.
Abdulla bin Fahad Al Marri (pictured), Chairman of QFIB said: “We are pleased to further fund Kuwait Energy’s growth and expansion plans. The E&P sector in the Mena region is undergoing a period of unprecedented growth and there is no doubt that Kuwait Energy is well positioned to capitalize on this opportunity. We will continue to work alongside Kuwait Energy’s strong management team and provide all the necessary support to facilitate their emergence as a leading regional independent player.”
Established in 2005, Kuwait Energy is specialised in exploration, development and production of oil and gas assets. The company operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.
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