London-listed oil and gas company Soco International is discussing a possible merger with MENA-focused oil and gas company Kuwait Energy.
Responding to press speculations regarding a possible transaction with Kuwait Energy, Soco on Monday confirmed that, in the context of its stated objective to strategically reshape its business and grow its portfolio, it is evaluating a potential merger of equals with Kuwait Energy.
Discussions with Kuwait Energy’s newly-constituted board of directors are preliminary and no transaction terms have been agreed, Soco stated.
The company underlined that there can be no certainty that any agreement will be reached between SOCO and Kuwait Energy or its shareholders.
Soco concluded that it team evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. Any transaction will be pursued only if it is determined by Soco’s board to be in the best interest of shareholders.
Soco International has assets in Vietnam, Congo, and Angola. Kuwait Energy’s assets are located in Egypt, Iraq, Yemen, Oman, and Kuwait.