Deal by Gulf states would develop energy resources throughout the region
ABU DHABI — Leading firms from Kuwait and the United Arab Emirates
have launched a joint venture to win energy projects throughout the
Middle East and Central Asia.
The UAE's Abu Dhabi National Energy Co. and Kuwait Energy Company have
signed an agreement to work together for joint crude oil and natural gas
projects, Middle East Newsline reported.
Under the accord, the two companies would seek to win deals in such
countries as Egypt, Iran, Iraq, Oman, Syria and Yemen.
"A number of target projects have been identified and the first results
of this agreement are expected in the first half of 2008," Kuwait Energy
managing-director Sara Akbar said on Oct. 17.
The Abu Dhabi emirate owns 75 percent of Abu Dhabi National Energy,
known as Taqa. Kuwait Energy, which signed a letter of intent with Taqa, has
been regarded as an independent energy exploration and production company.
