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Aref Energy buys stakes from parent firm

Kuwait, June 28, 2008

Kuwait's Aref Energy Holding said it has bought from its parent company stakes in a Sudanese oil services and contracting company and an Omani drilling and oil services firm.

"There will be no profit from the sale because Aref Energy Holding is a unit of Aref Investment Group and is part of its consolidated financials," a statement on the bourse website said.

The Omani firm specialised in drilling and maintenance and has a number of local petroleum services contracts and the Sudanese firm was active in Sudan, Egypt, Kenya and Libya, said the statement without naming the firms.-Reuters




Tags: stakes | buy | Aref Energy Holding |

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