Kuwait Energy sold the business in Ukraine

Kuwait Energy has sold its business in Ukraine. Kuwaiti company had licenses for the development of four Ukrainian oil and gas fields, and led to the production of three of them. The company was looking for a buyer for these assets over a year. Details of the transaction are not known. It is reported that income from the sale amounted to $ 5 million. 

 

A year ago, the reason for withdrawal of foreign investors from Ukraine experts called the low profitability of the business. Now, obviously, were added, and political risks. In the near future, Kuwait Energy also intends to sell its assets in Russia. 

 

Kuwait Energy (Kuwait, founded in 2005) is engaged in oil and gas production in Egypt, Yemen, Iraq, Oman, Pakistan, Latvia, Russia. 

Ukraine has worked since 2007. Developed the 4 fields in Poltava and Sumy regions. 

 

September 16, 2014

Investory.com.ua