Petroleum Africa
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Monday, December 23, 2013
Emirati companies are venturing into East Africa with Mubadala Petroleum planning an exploration campaign in Tanzania in 2014 and Dragon Oil also looking to expand its presence in the region. Now Abu Dhabi financier, Hayaat Group, has announced that it purchased a minority stake in an East African oil explorer, totaling around $3 million.
Hayaat has acquired a 9.5% equity stake in Swala Energy, an Australian oil and gas firm with assets in Kenya and Tanzania. The hydrocarbon company holds production licenses for an area totaling 15,000 sq km in East Africa.
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