Gulf Oil and Gas accountACCOUNT

Kuwait Energy Says Signs $100m Financing Facility with Vitol

Source: Reuters 12/28/2016, Location: Middle East

Share |
Kuwait Energy signed a forward sale agreement with Vitol providing it with a financing facility for up to $100 million.

The Kuwaiti oil and gas exploration and production company, with assets in Egypt, Iraq, Oman and Yemen, said it has received the first drawdown of $40 million on Dec. 22, and that Vitol will be repaid via Iraqi crude entitled to Kuwait Energy.

The agreement with Vitol will enable Kuwait Energy to continue with its production plans in Block 9 in Iraq by bringing more wells on stream and increasing output.

"$80 million of the proceeds will be spent on Block 9 development (in Iraq) and the remaining $20 million to be spent on Egyptian assets," the company said in a statement.

"This agreement provides the Company with a long-term buyer for our Iraqi crude while ensuring the availability of capital to continue the development of Block 9," said Sara Akbar, chief executive of Kuwait Energy in the statement.

Financials and Investment News in Iraq >>

Australia >>  10/18/2017 - Norwest Energy NL has received irrevocable commitments from sophisticated and professional investors for a placement of up to approx. 250 million shar...
Norway >>  10/18/2017 - The shares purchased by DNB on behalf of Statoil ASA on 13 October 2017 for use in the group's Share Saving Plan have on 18 October 2017 been distribu...

Azerbaijan >>  10/17/2017 - SOCAR paid AZN 117 million 330 thousand to the State Budget for September of the current year. In general, for January-September 2017, SOCAR transferr...
Austria >>  10/16/2017 - OPEC crude for 2018 was revived up by more than 0.2 mb/d from the previous month to 33.1 mb/d representing an increase of 0.3 mb/d over 2017. ...

United Kingdom >>  10/16/2017 - NU-Oil and Gas plc was awarded Best Performing Share at the recent AIM Awards 2017. Best Performing Share is a factual award based on share price perf...
United Kingdom >>  10/16/2017 - BP Midstream Partners LP (“BP Midstream Partners” or the “Partnership”), a limited partnership formed by an indirect, wholly-owned subsidiary of BP p....

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

Oil & Gas Projects in Iraq >>

More News

 

Oil & Gas Companies in Iraq >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.