Kuwaiti firm buys shares in Sudanese oil Petrodar

March 16, 2008 (KHARTOUM) — Kuwait’s Al-Kharafi Group on Sunday bought shares in Sudanese oil company Petrodar Company, taking some 3 percent stake of the capital.

According to KUNA, the official Kuwaiti news agency, Al-Kharafi has agreed to buy a 3 percent stake of Perodar at a value of 500 USD million from Thani, a Dubai based firm. The Kuwaiti group signed the contract with the Sudapet in Khartoum on Sunday.

Sudapet Director-General Saleh Jaafar told reporters that the company had agreed to buy Thani’s five-percent stake in Petrodar, noting that Al-Kharafi would acquire three percent while the Sudanese company would obtain two percent.

Al-Kharafi Group Deputy Director-General Marzouk al-Kharafi said his company had agreed with the Ministry of Energy to enter agricultural and animal investment in Sudan, which abounds in natural potential and resources in such fields.

Thani Group had bought the sold shares for USD two million. The Sudanese responsible said that the agreement with Al-Kharafi came due to its large experience in the oil field.

The deal would raise Sudapet’s stake to 10 percent in Petrodar, which operates the Dar Blend field. Dar’s exports were estimated at about 200,000 barrels per day in mid-2007. The Sudan produces around 500,000 bpd of crude oil.

Petrodar was set up to explore, develop and produce oil and gas from blocks 3 and 7 in the south east with a total area of about 72,000 square km (27,800 square mile).

Petrodar is a venture between China National Petroleum Company International (Nile) Ltd, Petronas Carigali Overseas Sdn Bhd, Sudapet Ltd, Gulf Oil Petroleum Ltd and Al Thani Corp. The Chinese Sinopec holds the majority 41 percent stake in Petrodar, the Malaysian Petronas, holds 40 percent, while Sudapet, Gulf oil and Al Thani jointly hold the remaining 19 percent.

(ST)