Please wait...
GulfBase Live Support
- China warns countries against striking trade deals with US at its expense
- Oil Updates - crude falls as concerns about demand amid US tariff upheaval return
- AlRayan Bank launches Self-Service Digital Zone
- QIIB announces 15 winners of 'Joud' savings account quarterly & monthly prize draws for March
- EU Says Ready to Resume Free Trade Talks with Gulf
- Saudi Arabia awards record $148bn project contracts in 2024
- Ajman Bank posts Dh145 Million profit before tax in Q1 2025, reflecting 24% growth
- UAE's foreign trade surges 49pc to $1.4 trillion in 2024
- Dubai: Up to 20% drop in rents 'healthy' for property market, says top developer
- Closing Bell: Saudi benchmark index edges up to close at 11,626
10/03/2010 00:00 AST
Kuwaiti group Aref Energy Holding Co said it sold 95 percent of its stake in a gas joint venture in Texas, making about $60 million profit.
In 2007, Aref set up DeWitt Tract Co, a fully-owned unit with a 50 percent share in a 20-year oil and gas drilling and production concession in 75,000 acres in DeWitt County, Texas.
"The total amount of the deal is $117.5 million excluding taxes ... and the returns of the deal are expected to be realised for Aref Energy in the first quarter of the current year, as the profit is about $60 million," it said on Tuesday, adding it would keep a five percent stake in the project.
Last year, Aref General Manager Zeyad al-Oudah told Reuters the company hoped to double the $40 million it had paid if it reached a deal to sell its stake in the joint venture.
In 2008, Aref said its joint venture with Weber Energy and Geosouthern Energy Corp had found recoverable reserves of 4.75 trillion cubic feet of natural gas in Texas.
Aref Energy is a sharia-compliant company that invests in the energy sector. It is 40.49 percent-owned by Aref Investment Group, according to Kuwaiti bourse data.
Arab Times
31/01/2013
Kuwait's Aref Energy Holding Co said yesterday full-year losses widened to 9.96mn Kuwaiti dinars ($35.42mn) in 2012 compared with a 5.11mn loss dinars in the previous year.
The company's f
Gulf Times
15/12/2011
Capital Standards (CSR) has assigned, on a standalone basis, a first-time Corporate Credit Rating of 'BB+' on an international scale and 'BBB+KW' on a national scale to AREF Energy Holding Company K.
Al Watan
15/03/2011
Aref Energy Holding Company (Aref Co) earned 10.7 million Kuwaiti dinars in net profits for the fiscal year (FY) that elapsed on Dec. 31, compared to KD 7.9 million in losses in 2009.
The co
KUNA
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| SAUDIARAMCO | 25.70 | 0.25 (0.98 |
| ABAR | 140.00 | 3.00 (2.18 |
| ADNOCGAS | 3.09 | 0.00 (0.00 |
| ADNOCDRILL | 4.90 | 0.06 (1.23 |
| BAHRI | 29.75 | -0.20 (-0.67 |
21/04/2025
As part of its ongoing transformation journey, AlRayan Bank has officially launched the first-of-its-kind standalone Self-Service Digital Zone (ALRAYAN GO Kiosk) in the State of Qatar. This innovativ
The Peninsula
21/04/2025
QIIB has announced the names of 15 winners of the March 2025 'Joud' savings account prize draw, which included five quarterly winners-each receiving a prize of QR50,000-and 10 monthly winners, who we
The Peninsula
21/04/2025
Ajman Bank has posted a profit before tax of Dh145 million in Q1 2025, reflecting a 24 per cent increase.
The bank reported the net operating income of Dh199 million, up by 2 per cent for Q
Khaleej Times
20/04/2025
China's privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (ADNOC).
ENN Natural Gas
Asharq Al Awsat
20/04/2025
Burgan Bank has announced the launch of its new digital payment solution, SoftPOS by KNET, designed to cater to business owners and entrepreneurs. The service enables merchants to accept payments dir
Kuwait Times
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia