Kuwait Energy part-sells stake in Egyptian oil concession

Ahram Online, Saturday 23 Apr 2011

Energy producer retains the majority interest while it eyes further sell-offs

Kuwait Energy Company has sold 22 per cent of its stake in Egypt's Abu Senna oil concession to Australia's Beach Energy Limited, leaving it with 50 per cent majority interest in the operation.

Kuwait Energy announced in a press statement that it will soon sell a 15 per cent share in its Mesaha concession, also in Egypt, to the Australian gas and oil producer following government approval.

Kuwait Energy was established in 2005 and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.

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