Dubai’s Enoc suspends acquisition plans

28 Feb 2010

(MENAFN) The Chief Financial Officer at Emirates National Oil Company (Enoc) said that the Dubai state-owned refiner will hold back on acquisitions this year as it focuses on existing operations, Reuters reported.

The CFO said in an interview that Enoc, a downstream-focused firm owned by the emirate’s sovereign wealth fund Investment Corporation Dubai, operates service stations, fuel terminals and oil tankers in the Gulf, adding that at the end of 2009 the company held assets worth $6.5 billion.

Enoc tried late last year to gain control over Dragon Oil Plc, which operates mainly in Turkmenistan, in a move to boost assets to meet increasing domestic energy demands.

Shareholders in the firm in December rejected Enoc’s $1.9 billion acquisition bid for 48.5 percent of the Dragon stock which Enoc did not already own.

Enoc’s attempted investment in Dragon would have been the first acquisition by a Dubai government entity in more than two years.

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