CITIC and KUFPEC Eye Collaborations
CITIC Resources on Monday entered into a non-binding memorandum of understanding (MOU) with Kuwait Foreign Petroleum Exploration, a company incorporated under the laws of Kuwait.
Pursuant to the MOU, CITIC Resources and KUFPEC have arrived at a general understanding of their interest in more closely cooperating in exploring oil and gas business venture opportunities in Indonesia and other countries. With the MOU, CITIC Resources and KUFPEC look forward to enjoying a closer relationship and level of cooperation in the future.
Mr. Shou Xuancheng, Vice Chairman of the Group, said, "We are delighted to sign this MOU with KUFPEC. In view of the fast growing oil and gas businesses of the Group, a closer relationship and cooperation with KUFPEC will enable us to leverage on KUFPEC's established platform and strong experience in the oil and gas industry to further strengthen our presence in the South East Asian region particularly in Indonesia. The Group will strive to explore more oil and gas business opportunities in the region and other countries to enhance profitability. We believe that this cooperation will benefit our shareholders in return for their vote of confidence in our business strategy."
Mr. Abdullah M Baroun, Deputy Chairman of KUFPEC, said, "We are pleased to sign this MOU with CITIC Resources. It is in mutual interest to capitalize each other’s strengths and we are confident that with the expertise and knowledge of CITIC Resources and our experience in the Middle East, we can achieve a win-win situation."
Kuwait Foreign Petroleum Exploration Co. was established in 1981 with a mission to widen the scope of Kuwait’s oil industry activities worldwide. KUFPEC is one of the first companies from the Arabian Gulf to carry out drilling, development and production operations in foreign countries. It is present in 15 countries, with production in the following nine: Australia, China, Egypt, Indonesia, Pakistan, Tunisia and Yemen, Malaysia and Mauritania. The company’s portfolio comprises numerous producing fields including development and appraisal fields in addition to discoveries that have not been fully assessed.
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