Apicorp makes strategic Kuwait equity investment

Apicorp makes strategic Kuwait equity investment

Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, has announced its first equity investment in Kuwait with the acquisition of a 24% equity stake in Al Khorayef United Holding and GC-16 JV (AKUH), a leading Kuwait-based oil and gas services and facilities management company.

The investment will see Apicorp partnering with Al Khorayef Petroleum Company, a subsidiary of Saudi-based Al Khorayef Group, and United Oil Projects Kuwait, which also own stakes in AKUH.

AKUH has a strong commercial and operational track record and is a market leader in the provision of artificial lift solutions, especially electrical submersible pumps, and serves both Kuwait Oil Company (KOC) and Joint Operations (JO).

Additionally, it expanded its business into other areas encompassing constructing, owning, and operating various production facilities, such as gathering centers (GC-16), and large-scale thermal pilot (LSTP) projects for early processing and steam injection.

On the Kuwait foray, CEO Dr Ahmed Attiga said: "We are pleased to mark our first equity investment in Kuwait, one of our member countries. We hope to enhance oil production and processing capabilities and encourage further investments, in line with the country's long-term strategic vision for the sector. Working closely with our partners, we will look to broaden AKUH's