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.


Arab Times

News

Aref Energy says full-year losses widened to 9.96mn Kuwaiti dinars

31/01/2013

Kuwait's Aref Energy Holding Co said yesterday full-year losses widened to 9.96mn Kuwaiti dinars ($35.42mn) in 2012 compared with a 5.11mn loss dinars in the previous year.

The company's f

Gulf Times

Capital Standards assigns 'BB+' to AREF Energy Holding Company

15/12/2011

Capital Standards (CSR) has assigned, on a standalone basis, a first-time Corporate Credit Rating of 'BB+' on an international scale and 'BBB+KW' on a national scale to AREF Energy Holding Company K.

Al Watan

Aref Co posts KD 10.7 million in net profits for 2010

15/03/2011

Aref Energy Holding Company (Aref Co) earned 10.7 million Kuwaiti dinars in net profits for the fiscal year (FY) that elapsed on Dec. 31, compared to KD 7.9 million in losses in 2009.

The co

KUNA

Most Viewed Companies

Ticker Price Volume

Valuation

ENERGYH Sector Market
P/E
Price/BookValue

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
SAUDIARAMCO 27.20 0.22 (0.81%)
ADNOCGAS 3.27 -0.01 (-0.31%)
ADNOCDRILL 5.26 -0.03 (-0.57%)
BAHRI 33.14 0.28 (0.85%)
ADES 18.21 -0.07 (-0.39%)

Recent News

Gulf Bank issues its 2025 Sustainability Report

10/04/2026

Gulf Bank has issued its sixth annual Sustainability Report for the year 2025, titled "Converting to a Sustainable Path," highlighting the Bank's ESG progress and performance. The report reflects the

Kuwait Times

Saudia to Partially Resume Flights To, From Dubai, Abu Dhabi, and Amman on Saturday

10/04/2026

Saudia announced on Thursday the partial resumption of its operations to and from Dubai, Abu Dhabi, and Amman starting Saturday, April 11.

In a post on its official account on the social med

Asharq Al Awsat

Zain Bahrain names Ammar Al Ketbi as new CEO

09/04/2026

Zain Bahrain, a leading provider of telecom services, innovative technologies and digital lifestyle experience in the kingdom, has appointed Ammar Al Ketbi as its new Chief Executive Officer.

Trade Arabia

Al Mal Capital appoints Sanjay Vig as Chief Executive Officer

09/04/2026

Al Mal Capital , a UAE based investment management and financial advisory firm, licensed by the Capital Markets Authority (CMA) has appointed Sanjay Vig as the Chief Executive Officer.

Vig

Trade Arabia

Abu Dhabi Maritime Academy inks deal with Congolese mining firm

09/04/2026

Abu Dhabi Maritime Academy (ADMA), the region's leading academic institution for maritime training, and an integral part of AD Ports Group, has signed a research, development, and operational deploym

Trade Arabia

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap