Kuwait's Aref Energy makes $60 mln profit in stake sale

10/03/2010 00:00 AST

Kuwaiti group Aref Energy Holding Co said it sold 95 percent of its stake in a gas joint venture in Texas, making about $60 million profit.

In 2007, Aref set up DeWitt Tract Co, a fully-owned unit with a 50 percent share in a 20-year oil and gas drilling and production concession in 75,000 acres in DeWitt County, Texas.

"The total amount of the deal is $117.5 million excluding taxes ... and the returns of the deal are expected to be realised for Aref Energy in the first quarter of the current year, as the profit is about $60 million," it said on Tuesday, adding it would keep a five percent stake in the project.

Last year, Aref General Manager Zeyad al-Oudah told Reuters the company hoped to double the $40 million it had paid if it reached a deal to sell its stake in the joint venture.

In 2008, Aref said its joint venture with Weber Energy and Geosouthern Energy Corp had found recoverable reserves of 4.75 trillion cubic feet of natural gas in Texas.

Aref Energy is a sharia-compliant company that invests in the energy sector. It is 40.49 percent-owned by Aref Investment Group, according to Kuwaiti bourse data.


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