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Kuwait Energy to raise capital to $449m

11 Oct 2010

(MENAFN) Kuwait Energy Company said its shareholders have approved capital increase from $366 million to $449 million, through issuing 198.3 million new shares, Kuna reported.

The company’s Managing Director Mansour Bu Khamseen said in a statement on sidelines of the company’s general assembly that capital increase would enable Kuwait Energy to continue with its expansionist plans and to develop recently-discovered oil fields.

Kuwait Energy plans to request to be listed in London or Kuwait stock markets, or both, in the next nine months but depends on markets’ conditions, he said.

Kuwait Energy is running operations in Egypt, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan, noted Bu Khamseen. The company produced 14,000 barrels per day last year and had a reserve of 51.2 million barrels.

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