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- Energy is at the heart of AI revolution, says Aramco executive
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10/03/2010 00:00 AST
Kuwaiti group Aref Energy Holding Co said it sold 95 percent of its stake in a gas joint venture in Texas, making about $60 million profit.
In 2007, Aref set up DeWitt Tract Co, a fully-owned unit with a 50 percent share in a 20-year oil and gas drilling and production concession in 75,000 acres in DeWitt County, Texas.
"The total amount of the deal is $117.5 million excluding taxes ... and the returns of the deal are expected to be realised for Aref Energy in the first quarter of the current year, as the profit is about $60 million," it said on Tuesday, adding it would keep a five percent stake in the project.
Last year, Aref General Manager Zeyad al-Oudah told Reuters the company hoped to double the $40 million it had paid if it reached a deal to sell its stake in the joint venture.
In 2008, Aref said its joint venture with Weber Energy and Geosouthern Energy Corp had found recoverable reserves of 4.75 trillion cubic feet of natural gas in Texas.
Aref Energy is a sharia-compliant company that invests in the energy sector. It is 40.49 percent-owned by Aref Investment Group, according to Kuwaiti bourse data.
Arab Times
31/01/2013
Kuwait's Aref Energy Holding Co said yesterday full-year losses widened to 9.96mn Kuwaiti dinars ($35.42mn) in 2012 compared with a 5.11mn loss dinars in the previous year.
The company's f
Gulf Times
15/12/2011
Capital Standards (CSR) has assigned, on a standalone basis, a first-time Corporate Credit Rating of 'BB+' on an international scale and 'BBB+KW' on a national scale to AREF Energy Holding Company K.
Al Watan
15/03/2011
Aref Energy Holding Company (Aref Co) earned 10.7 million Kuwaiti dinars in net profits for the fiscal year (FY) that elapsed on Dec. 31, compared to KD 7.9 million in losses in 2009.
The co
KUNA
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| SAUDIARAMCO | 24.57 | -0.67 (-2.66 |
| ADNOCGAS | 3.39 | 0.00 (0.00 |
| ADNOCDRILL | 5.41 | -0.01 (-0.19 |
| BAHRI | 30.84 | -0.04 (-0.13 |
| ADES | 16.25 | -0.15 (-0.92 |
26/11/2025
AI is driving generational opportunity across every industry, society, and economy - but at the crux of this global transformation is the crucial relationship between AI and energy, Aramco's Executiv
Arab News
26/11/2025
Efsim Facilities Management Company, a leading provider of integrated facilities management (IFM) services across the Kingdom of Saudi Arabia, today (November 25) announced its intention to proceed w
Trade Arabia
26/11/2025
GFH Partners, a Dubai International Financial Center (DIFC) headquartered investment manager and the global real estate investment arm of GFH Financial Group, has acquired a majority stake in Devmark
Trade Arabia
25/11/2025
Taqa Energy Services, a subsidiary of Abu Dhabi National Energy Company (Taqa), has signed an agreement with Sdeira Group, a subsidiary of AD Ports Group, to implement one of the emirate's largest bu
Trade Arabia
25/11/2025
Saudi Real Estate Company (Al Akaria) has announced the signing of a framework agreement with Expo 2030 Riyadh Company to execute the early works for the Expo 2030 Riyadh project.
The contra
Trade Arabia
Financial Information Co.
Saudi Arabia