Kuwait’s KUFPEC Sells all Assets in Norway to Poland's PGNiG for $454M

Gina Krog - Credit: Equinor
Gina Krog - Credit: Equinor

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) agreed on Friday to sell all of its assets in Norway to Poland's Orlen, which operates in Norway under the name PGNiG Upstream for $454 million, the CEO of the Kuwaiti company said on Friday.

Mohammad Salem Al-Haimer said KUFPEC booked about $700 million in profit throughout its time in Norway since 2013.

"This investment is one of the company's most successful operations, from acquisition to exit," he said.

"It's a win-win deal for both parties. KUFPEC has achieved its exit strategy and PGNiG has achieved its acquisition strategy," said Al-Haimer, thanking the Norwegian government for the favorable business environment and Equinor, KUFPEC's partner in Norway.

KUFPEC has stakes in several producing fields on the Norwegian continental shelf, including Gina Krog and Sleipner Vest, where Orlen is also a partner.

It also has a 21.8% stake in the Equinor-operated Eirin gas development, which will be tied back to the Gina Krog production platform with its gas exported via Sleipner Vest.

(Reuters - Reporting by Ahmed Hagagy, Editing by Louise Heavens and David Evans)

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