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FINANCIAL NEWS
RAK Petroleum, DNO plan to merge
05 Jul 2011
(MENAFN) RAK Petroleum’s chairman and chief executive, Bijan Musasavar-Rahmani, said that the company would merge its regional operations with DNO International, the Norwegian oil company, reported The National.
Rahmani added that despite being rebuffed two years ago, RAK Petroleum raised its stake in DNO and at the current time, RAK became the largest shareholder in DNO since it held a 30 percent stake in the company.
He also said that the deal would prompt DNO to issue shares to RAK Petroleum that would be equal to the company’s assets that were estimated to reach between USD250 million and USD300 million, whereas RAK Petroleum’s operations in the UAE and Oman would be shifted to DNO, allowing the UAE’s firm to obtain a 40 percent stake in DNO and USD500 million in cash.
It is worth noting that DNO has operations in Iraqi Kurdistan and has been constantly loosing money in the country as a result of revenue-sharing disputes between Erbil and Baghdad which has been reluctant to pay DNO, the company which two years ago became the first foreign company to pump oil in Iraq since the 1970s.
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