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FINANCIAL NEWS
Total profits of USD73.93m declared by UAE’s RAK Petroleum
09 May 2013
(MENAFN) RAK Petroleum said that its net profits by the end of 2012 were USD73.93 million, reported Emirates 24/7.
42.8 percent of shareholding in the Norwegian Oil and Gas Company DNO International is held by RAK Petroleum, which means that the company will get a share of the profits and will take part of the responsibilities in case of a loss.
By the end of 2012, the company got back the cost of the shareholding, worth USD666.188 million, due to DNO International market value increase.
During April 2013, the company went bigger by acquiring Mondoil Enterprises, which has a bigger influence than the DNO shareholdings.
The company issued 228,481,656 new shares, increasing the total of the shares to 3,228,481,656.
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