The equity stake is the Millennium Global Energy Fund’s first investment since its initial closing in April 2008. Both MPE and MFC are regulated by the Dubai Financial Services Authority (DFSA).
KEC, which was launched in 2005, seeks to produce 50,000 barrels of oil equivalent (boe) per day on proven and probable reserves of 300 million boe by the year 2010.
Sara Akbar, CEO of KEC, said: “We welcome MPE as our shareholder and as a KEC board member. Walter Brandhuber, Fund Manager of the Millennium Global Energy Fund, brings nearly 30 years of oil & gas experience. The Fund will help provide strategic direction to KEC, as well as access to proprietary E&P projects in the Middle East. MPE will add substantial value in support of the company’s growth vision.”
For his part, Brandhuber, said:
“We have strong confidence in KEC’s senior management team, led by Sara Akbar, and in the company, which has an extremely bright future. Increasingly, it is becoming clear within the Middle East E&P sector that independent Middle East E&P players can add more value by being agile and focusing on E&P projects that are smaller than the threshold of projects with which national oil companies compete.”
The Millennium Global Energy Fund and the Telecoms, Media & Technology Fund are the two lead funds within MPE’s family of funds that invest globally in private equity initiatives.
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