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Middle East’s biggest buyout firm looks to Ukraine, Russia with Kuwait Energy deal

10 Apr 2012

Abraaj Capital has signed a strategic investment deal with Kuwait Energy as it looks to tap oil and gas exploration across Eastern Europe and Russia.

The Dubai-based private equity giant, which has about $6bn of assets under management, made the investment through its fourth private equity fund.

Kuwait Energy has a diverse portfolio of oil and gas assets across the MENA region, and is focused on exploration and production (E&P) of reserves in Ukraine, Latvia and Russia.

Executive chairman Mansour Aboukhamseen said the company had a proven track record of growing annual production while remaining profitable each year since its 2005 inception.

He said, “We play an important role in supporting national economies and meeting global energy demand.

“Through this new Abraaj tieup, we will be strongly positioned to realize our growth plans, which we are confident, will help us emerge as the leading independent E&P company in the region.

Abraaj senior partner Ahmed Badreldin said, “The growing E&P sector presents unique opportunities in the region and the potential of independent sector champions such as Kuwait Energy has not been fully exploited.

“Through this investment, Abraaj will support Kuwait Energy’s growth and expansion, working alongside the company’s strong management team, which has an established track record of success across the markets in which it operates.”

In February Abraaj Investment Management joined a $164m buyout of Translatlantic Petroleum’s oilfield services business.

The Middle East’s biggest buyout firm, it has achieved 21 exits from more than 40 investments, with an overall multiple of 2.8 times its original investment.

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