HK-listed United Energy to buy Kuwaiti firm for $651m

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United Energy Group Ltd said on Monday it would buy Kuwait Energy Public Ltd for up to $650.9 million as the Hong Kong-listed upstream oil and gas corporation aims to enter the Middle East and North Africa.

The deal will transform United Energy into a medium-sized international independent oil and gas company with a diversified portfolio of assets while further expanding its development potential, it said in a filing to the Hong Kong bourse.

Kuwait Energy is an upstream oil and gas company with exploration, appraisal, development and production activities in a number of countries including Iraq, Egypt, Yemen and Oman, it added.