Kuwait Energy is one of the fastest growing independent oil and gas exploration and production companies in the Middle East.

This is the fourth exploration success in the Abu Sennan concession following the GPZZ-4 and Al Ahmadi-1 gas and condensate wells discovered in August 2011, and the Al-Jahraa-1X oil well discovered in January 2012.

The El Salmiya-1 well initial testing showed commercial flow rates at the Abu Roash “E” Member and Abu Roash “C” Member levels. The well showed rates of 400 barrels of oil per day (bopd) at the level of the Abu Roash “E” Member, while the Abu Roash “C” Member level showed rates of 2,500 bopd and 17 million standard cubic feet of gas per day (mmscfd). The total tested flow rate from bothAbu Roash “C” Member and Abu Roash “E” Memberis equivalent to approximately 5,600 barrels of oil equivalent per day (boepd).

Kuwait Energy is the operator of the concession and holds a 50% working interest. The remaining working interest is held by Beach Petroleum (Egypt) Pty Ltd (22% working interest) and Dover Investments Limited (28% working interest).

The new discovery brings the total number of Kuwait Energy discoveries in Egypt to 16 since the start of its operations in 2008.

Kuwait Energy plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said, “This is another milestone for Kuwait Energy and the Egyptian energy sector; a milestone that we are very proud of crossing. The Abu Sennan concession looks promising with four exploration wells yielding finds to date and we look forward to continuing our exploratory activities as planned for 2012.”

Egyptian operations contribute the largest share to Kuwait Energy’s total working interest production today, comprising 17,500 boepd as of year-end 2011. The 2011 production level excludes the discoveries made in the Abu Sennan concession.

Kuwait Energy is the operator of three blocks in Egypt namely the Area A, Burg El Arab development lease and Abu Sennan concession, and has working interest share in two other blocks, Mesahaconcession and Petroshahd development lease (East Ras Qattara).

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Following its Board and General Assembly meetings held in Kuwait, Equate President CEO Hamad Al-Terkait said, “These profits were realized due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand.”

Al-Terkait noted, “For the first time in Equate’s history, sales value in 2011 has exceeded $2.5bn which was a result of overall organizational efficiency at Equate as a world-class petrochemical Company, starting from production to sales and supply chain with a perfect fit partnership with its local and global customers.”

Equate Board of Directors held its General Assembly on Tuesday February 28, 2012, and lauded the Company’s overall environmental achievements along with earning the award for the best plant in the Middle East.

In addition, Equate Board extended utmost appreciation to Al-Terkait for his pioneering leadership of Equate with outstanding global success at all levels since 2001, expressing congratulations and best wishes to Mohammad Husain who will succeed Al-Terkait as Equate CEO during April 2012.

Established in 1995, Equate is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, Equate is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.

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Mario brings with him over 20 years of extensive hospitality experience with expertise in the field of food and beverage. Mario held many positions in a wide range of international hotel chains in many countries including Italy, Greece, UAE and Kuwait.

In his role at Mövenpick Hotel Resort Al Bida’a, Mario will oversee all food and beverage activities and will be responsible for managing the hotel’s four Food Beverage outlets, along with the conference and banqueting facilities.

“Mario’s enthusiasm and professionalism in the field of food and beverage made him one of the most sought after food and beverage leaders in Kuwait. We are pleased that he joined the Mövenpick team and sure he will apply his solid Food Beverage background towards the success of the hotel,” said Ramzi Shaban, the Executive Assistant Manager at the hotel.

“I am very honoured to be given the opportunity to join Mövenpick Hotel Resort Al Bida’a Kuwait and looking forward to use my experience to make a difference in the Food Beverage Department at the hotel,” said Mario Bassil

Mövenpick Hotels Resorts, an international upscale hotel management company with over 14’000 associates, is represented in 24 countries with 69 hotels and resorts currently in operation. A further 30 properties are planned or already under construction in Ankara (Turkey), Dubai (four projects – United Arab Emirates); Abu Dhabi (three projects – United Arab Emirates), Shanghai (China), Dharamshala (India).

Focusing on expansion in its core markets of Europe, Africa, the Middle East and Asia, Mövenpick Hotels Resorts specialises in business and conference hotels, as well as holiday resorts, all reflecting a sense of place and respect for their local communities. Of Swiss heritage and headquartered in Zurich, Mövenpick Hotels Resorts is passionate about delivering premium service, culinary enjoyment and sustainable environments – all with a personal touch.

The hotel company is owned by the Mövenpick Holding (66.7%) and the Kingdom Group (33.3%).

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Dr. Karel Cool- BP Chaired Professor in European Competitiveness and Professor of Strategic Management at Insead delivered the presentation which was attended by distinguished guests including members of the diplomatic community, government officials and senior management of local companies based in Kuwait.

Dr. Cool, in his presentation explained the kind of differentiation that will lead to market success, the factors that erode the success and rewards. He also spoke on the different strategies that lead to the success of business against the backdrop of ongoing overcapacity and economic crisis. His research, teaching and consulting focus on problems of industry and competitive analysis (e. g. industry overcapacity; profit dynamics, product standards, critical mass races, value creation, building unique resources). He has published in many journals, including Management Science, the Strategic Management Journal, Organization Studies, Marketing Letters, Advances in Strategic Management, etc, and has edited and contributed to several books.

Al Kout Industrial Projects Co. (AIP) is a KSE-listed company, with operations in Kuwait and the UAE. Its core business is chlor-alkali chemicals being supplied to domestic and international markets from its operations in these two countries.

The AIP group also includes ALTC a logistics company and Al Kout Petrochemical Products a leading manufacturer of oilfield chemicals on behalf of Champion Technologies- USA.

The Global Center in the College of Business Administration (Kuwait University) was founded in 2007 to initiate with 25 private sector partners programs for executive education with the involvement of leading business schools. The Global Center aims to develop these programs with cross-functional insight thereby improving overall performance. At present, the Global Center offers short term series of executive education programs.

Since mid-2007, the Global Center has offered over 75 programs, with exposure to over 1700 executives of the private sector companies. The Global Center has developed its programs in collaboration with faculty members of leading international universities, such as Harvard, MIT, Johns Hopkins, INSEAD and UC Berkeley to name a few.

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