Kuwait Energy capital reaches USD one billion -- Bukhamseen

KUWAIT, Oct 6 (KUNA) -- Chairman of Kuwait Energy Company Dr. Mansour Bukhamseen said Tuesday the company's capital exceeded USD one billion, pointing out that the company began its work with a capital of USD three million ten years ago.
The company began its work that time with four employees, while the current staff reached 700 employees, Bukhamseen said in a press statement on sidelines of the company's celebration, last night, marking the tenth anniversary.
The company after a decade of its establishment "has achieved a lot and there is still a lot to do .. we have started without production but today we have about 30,000 barrels per day in four countries," Bukhamseen said.
About the key points of the company's strategy in the coming years, Bukhamseen said "We are an Arab company working in the Middle East and have achieved success and profits and we were able to get into good relations with the governments, associates and contractors." The company now operates in four Arab countries -- Egypt, Oman, Yemen and Iraq -- and "we intend to expand in these countries as well in Libya when it opens its markets in addition to the Gulf states if we have the opportunity," he added.
For her part, Kuwait Energy Chief Executive (Eng.) Sara Akbar said Kuwait Energy was set up at a time when the market needed a company from the private sector that has capacity of prospecting and exploration in the Middle East.
The company, since its inception, has achieved good results in the oil and financial sectors, and has been able to meet challenges of the global financial crisis in 2008, she added.
The company's growth rates during the past ten years exceeding 1,000 percent, "where we started with about USD three million, and the value of the company currently exceeds USD 1.5 billion," she added .
About the impact of fall in oil prices on the company, Akbar said the oil prices decline is not new and the crude prices are currently at levels less than force and we have no doubt the prices will rise again." On the company's reserves Akbar said it has reached 670 million barrels, and that the company has a strategy to develop Iraq's fields in the next three years and production will begin during a month.
As to adding the company in the London Stock Exchange, she said the current stock market situation is not appropriate, "so we will wait for the right timing." (end) asj.ss