Kuwait Energy Company buys Ukrainian gas fields

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Kuwait Energy Company Wednesday announced a deal signed with British Cardinal Resources to buy all the latter’s gas fields in the Ukraine. Kuwait Energy Chairman and Managing Director Manssour Aboukhamseen told a press conference the concerned fields produce gas and gas condensates. He added the company plans to hike output and develop the fields.

The company chairman pointed out the deal still needs the approval of Cardinal Resources General Assembly and the Ukrainian authorities ahead of completion of the sale and transfer of property to Kuwait Energy. He said Kuwait Energy currently produces crude oil from fields across Russia, Indonesia, and the Middle East.