Beirut-Based Private Equity Fund Invests in Oil Servicing Firm
EuroMena II, the Beirut-based private equity funddeclared that it has invested $20m through a capital increase in Egypt-based oil and gas drilling service provider Sakson Petroleum Services.
The capital injection will help the firm access new markets, including Libya and Gulf Cooperation Council countries. Sakson Petroleum Services has several onshore drilling projects in Tanzania, Kenya, Somalia, Algeria and Iraq, among others.
It has a secured project pipeline of around $100m for the next two years. Capital Trust Group, which manages the Beirut-based EuroMena II fund, noted that this investment constitutes the fourth deal executed by the private equity fund, with one to two future investments remaining in order for the $100m fund to be fully invested.
Source: Lebanon This Week, Byblos Bank newsletter
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