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Article: Mideast energy bank formed.(International)(Brief article)
- Article from:
- The Oil Daily
- Article date:
- October 7, 2008
CopyrightCOPYRIGHT 2008 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Investors from the Mideast Gulf and North Africa have teamed up to establish an investment bank focused exclusively on the energy business--a first for the region, where the trend in recent years has been to set up upstream companies to seek out global investment opportunities.
Bahrain-based First Energy Bank (FEB)--with shareholders from Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain and Libya--is eyeing investments in oil and gas, a company executive told Oil Daily Monday. The company, which received its operating license three weeks ago, has initial paid-up capital of $1 billion.
FEB officials say they believe the energy ...