Millennium Private Equity has invested AED 92 million (US$25m) into Kuwait Energy Co., an independent exploration and production company.
Millennium Private Equity Ltd (MPE), the private equity arm of international investment bank Millennium Finance Corporation, today announced an investment of AED 92 million (approximately USD 25 million) in Kuwait Energy Company KSCC (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 MFCMFC are regulated by the Dubai Financial Services Authority (DFSA)Dubai Financial Services Authority (DFSA).
KECKEC, 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 KECKEC, said: “We welcome MPE as our shareholder and as a KECKEC 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 KECKEC, 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 KECKEC’s senior management team, led by Sara Akbar, and in the company, which has an extremely bright future. Increasingly, it is becoming clear within the Middle East E&P sector that independent Middle East E&P players can add more value by being agile and focusing on E&P projects that are smaller than the threshold of projects with which national oil companies compete.”
The Millennium Global Energy Fund and the Telecoms, Media & Technology Fund are the two lead funds within MPE’s family of funds that invest globally in private equity initiatives.
Millennium Finance Corporation (MFC)Millennium Finance Corporation (MFC)Millennium Finance Corporation, a Dubai International Financial Centre (DIFC) based international investment bank, provides the full spectrum of investment banking, capital markets and private equity services, using an industry-focused, knowledge-driven approach. MFCMFC combines local knowledge and expertise with global perspectives and access to capital markets around the world.
Millennium Private Equity (MPE), a Dubai International Financial Centre (DIFC) based global private equity firm, launched in early 2008 a family of private equity funds with the Global Energy and the Telecoms, Media & Technology funds as the two lead funds within its family of funds investing globally in private equity initiatives. In early 2008, MPE’s first transaction was a USD 100 million investment alongside global players such as Temasek and KKR into a USD 1.25 billion private placement in the India-based telecom tower company called Infratel, a subsidiary of Bharti Airtel, the leading Indian mobile operator, via a fund solely seeded by the Dubai Government’s investment arm, the Investment Corporation of Dubai.
About Kuwait Energy Company
Established in Kuwait in August 2005, KECKEC is an independent Oil & Gas Exploration and Production company. KECKEC prides itself as an Oil & Gas company with extensive knowledge of the Middle East region with outstanding relations with host governments, national oil companies and international companies that operate in the Middle East. KECKEC’s mission is to leverage its technical excellence, experience and business relationships to acquire, develop and manage oil and gas properties to generate superior returns for its shareholders.