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Fitch assigned a “highly speculative” B- long-term issuer default rating to independent Kuwait-based firm Kuwait Energy (KEC) as Fitch initiated coverage last week.
Fitch says KEC’s outlook is stable, in spite of ongoing turmoil in Iraq, where 80% of KEC’s proven and probable reserves are located.
KEC has not responded to MEES’ inquiries regarding its operations in Iraq’s Diyala province, where it has a 22.5% stake in the Mansuriya gas field.
MEES understands that the Islamic State of Iraq and Greater Syria (ISIS) captured several villages in the area around Mansuriya and launched attacks against security personnel guarding the field. Mansuriya is operated by Turkey’s TPAO and is expected to be able to produce 320mn cfd once brought online and plateaued.
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