KIEV, Nov. 7 - An agreement on the sale of Ukrainian-based production assets belonging to British Cardinal Resources Plc. to the Kuwait Energy Company K.S.C.C. (KEC) for $71 million will be signed by Nov. 11, Cardinal Resources Chairman Robert Bensh said at a press conference at Interfax-Ukraine on Wednesday.
He said that as a result of the deal, KEC will own 100% of statutory capital of Carpatsky Petroleum Inc., Raget Commercial Limited and Mitre Resources Limited. These companies currently belong to Cardinal Resources Finance Limited, a 100% subsidiary of Cardinal Resources Plc.