QFIB, Kuwait Energy Ink $150 million Investment Deal

Doha, October 07 (QNA) - Qatar First Investment Bank (QFIB) has signed a strategic investment deal worth USD 150 million with Kuwait Energy, according to a press release issued by the bank on Sunday. According to the agreement, QFIB will support Kuwait Energy, its expansion plans and help in solidifying its status. QFIB, in June 2011, acquired a USD 16 million stake in the company. Speaking on the occasion, QFIB board chairman, Abdullah Bin Fahad Al-Merri said the bank renewed support for the company came in shadow of unprecedented growth of the sector of oil and gas exploration and production in the Middle East. Al-Merri said QFIB is looking forward for pursuing work with the Kuwaiti company and its personnel to bolster its status as a leading and independent company in the region. For his part, Dr. Mansour Bou-Khamseen, the managing director of Kuwait Energy, said Kuwait Energy, through this agreement, is seeking to enhance its role as a leading and independent supplier of expertise of exploration and production in the Middle East. Founded in 2005, Kuwait Energy is specialized in the exploration of petroleum and gas. It has operations in Egypt, Iraq, Yemen, Oman, the Ukraine, Latvia, Russia and Pakistan. QFIB conducts its operations according to Islamic Shariaa law and is licensed by the Qatar Financial Centre Regulatory Authority (QFCRA). It offers Principal Investments, Asset Management and Corporate Finance Advisory services. (QNA)