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MFC Invests Dh92m in Kuwait Energy
DUBAI - Millennium Private Equity Ltd (MPE), the private equity arm of international investment bank Millennium Finance Corporation (MFC), announced an investment of Dh92 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 (DFSA).
KEC, 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 & gas experience. The Fund will help provide strategic direction to KEC, as well as access to proprietary E&P projects in the Middle East. MPE will add substantial value in support of the company’s growth vision.”
For his part, Brandhuber, said: “We have strong confidence in KEC’s senior management team, led by Sara Akbar, and in the company, which has an extremely bright future.”
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