Kuwait’s KUFPEC sells all assets in Norway to PGNiG for $454 mln

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) agreed on Friday to sell all of its assets in Norway to Poland's Orlen, which operates in Norway under the name PGNiG Upstream for $454 million, the CEO of the Kuwaiti company said on Friday.

Mohammad Salem Al-Haimer said that KUFPEC booked about $700 million in profits throughout its time in Norway since 2013.

"This investment is one of the company's most successful operations, from acquisition to exit," he said.