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Millennium to invest Dh92m in Kuwait firm.

Dubai: Millennium Private Equity (MPE), the private equity arm of international investment bank Millennium Finance Corporation (MFC), yesterday said it was investing Dh92 million ($25 million) in Kuwait Energy Company (KEC), one of the largest Middle East-based independent exploration and production companies.

The equity stake is the Millennium Global Energy Fund's first investment since its initial closing in April 2008. Both MPE and MFC are regulated by the Dubai Financial Services Authority.

KEC, which was launched in 2005, seeks to produce 50,000 barrels of oil equivalent (boe) per day on proven and probable reserves of 300 million boe by the year 2010.

Sara Akbar, CEO of KEC, said: "We welcome MPE as our shareholder and as a KEC board member. Walter Brandhuber, fund manager of the Millennium Global Energy Fund, brings nearly 30 years of oil and gas experience. The fund will help provide strategic direction to KEC, as well as access to projects in the Middle East. MPE will add substantial value in support of the company's growth vision."

Brandhuber, said: "We have confidence in KEC's management team, led by Sara Akbar, and in the company, which has a bright future. Increasingly, it is becoming clear within the Middle East exploration and production sector that independent players can add more value by being agile and focusing on projects that are smaller than the threshold of projects with which national oil companies compete."

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Publication:Gulf News (United Arab Emirates)
Date:Jan 19, 2009
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