On 24 September 2018, Kuwait Energy Company KSCC (Kuwait Energy) announced that it had reached an agreement with Hong Kong based United Energy Group (UEG) for the sale of the entire issued share capital of Kuwait Energy to UEG. The terms of an all cash consideration include USD 491 million for the current issued share capital of Kuwait Energy, which is anticipated to USD 1.5 per share (subject to adjustment). The deal includes also the assumption of the Kuwait Energyâs outstanding debt.  Established in 2005, Kuwait Energy portfolio assets in Egypt, Iraq, Yemen and Oman.  Kuwait Energyâs Egypt interests in Egypt are Abu Sennan - Abu Sennan, Abu Sennan GPZZ (KEE) (Dev), Abu Sennan H (KEE) (Dev), Al Zahraa (Dev), Burg El Arab North (Dev), Burg El Arab South (Dev), Diaa (Dev), East Umm El Yusr, Ghard (Dev), Kareem (Area A) Kheir (Area A), Rana (Dev), Shahd (Dev), Shahd South East (Dev), Shebl (Dev) - Shukheir (Area A), and Umm El Yusr (Area A).  Kuwait Energy was looking to divest its assets in Egypt and Iraq. The company hired Perella Weinberg Partners investment bank as the adviser for the sale and spin off Egypt assets. Kuwait Energy needs liquidity to pay back shareholders and creditors. The company owes USD 290 million due in 2019 and should start repayment of a convertible loan of USD 150 million during 2018 to Abraaj Group.  Talks for a possible merger with the UKâs SOCO international plc (SOCO) were terminated in March 2018.
Egypt, Al Zahraa (Dev)