KUFPEC Completes Divestment Of Holdings In Norway, China
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 5 (KUNA) -- Kuwait Foreign petroleum Exploration Company (KUFPEC) said it has completed selling its 10 percent stake in KUFPEC Norway AS (KNAS) and its holding in an affiliate in China.
The deal to cede the KNAS assets has been effective since the Norwegian authorities approved it on January 1, 2023, according to a KUFPEC statement received by KUNA on Friday.
The company made another outstanding achievement last year in its strategy for rationalizing the current portfolio and maximize value of assets by selling its stake in KUFPEC China Inc., KUFPEC CEO Mohammad Salem Al-Haimer said.
"The successful divestments will allow the company to focus on explorations and development projects.
"We have met all strategic objectives of overseas investment thanks to the high efficiency and relentless efforts of our working teams," he pointed out.
KUFPEC operations in Norway and China provided us with opportunities to develop the oil and gas industry in Kuwait, build the capacity of human resources and gain better expertise, in addition to high rate of return on investment, Al-Haimer added.
Founded in April 1981 by its parent Kuwait Petroleum Corporation (KPC), KUFPEC is an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait. (end)
tm
MENAFN05012024000071011013ID1107689340
.jpg)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.