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FINANCIAL NEWS
Abu Dhabi’s TAQA agrees to acquire 53.2% in Kurdish oil block
02 Jan 2013
(MENAFN) General Exploration Partners (GEP) Inc has agreed to sell a 53.2 percent stake in Iraqi Kurdistan’s Atrush oil block to Abu Dhabi National Energy Co (TAQA) for USD600 million, Reuters reported.
TAQA spokesman said the deal would be funded “from corporate resources”.
GEP is a venture between privately-held Aspect Energy, which owns a 66.5 percent interest, while a subsidiary of Canadian group ShaMaran Petroleum holds the rest.
TAQA will become the second UAE firm to operate in the semi-autonomous region’s energy sector after Sharjah-based Crescent Petroleum.
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