EK Holding plans to inject USD650 million to ramp up North Sinai concession; subject to higher gas prices
According to an article in Al Ahram, Egyptian Kuwaiti Holding (EK Holding) [EKHO.CA] is planning to invest USD650 million over the coming five years to increase production from its North Sinai gas concession to reach up to 120 mcf per day. Based on our previous discussions with management, the plan to increase production and inject USD650 million in investments is subject to adjusting natural gas selling prices to higher levels. (Al Ahram, Ahmed Hazem Maher) Egyptian Kuwaiti: USD0.49 as of 10 April 2016, Rating: Buy, FV: USD0.80 per share, MCap: USD502 million, EKHO EY / EKHO.CA
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