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UAE- RAK Petroleum’s Q1 profit at USD22.12m

23 May 2012

(MENAFN) RAK Petroleum Public Company’s Limited CEO, Bijan Mossavar-Rahmani, stated that the firm’s un-audited net profits for the year’s first quarter reached USD22.12 million, reported Emirates 24/7.

Rahmani, who also chairs the company’s Board of Directors, said that recently, RAK Petroleum invested in Norwegian DNO International through the integration of RAK former operating subsidiaries into the oil and gas firm.

He added that as the Emirati company owns a 42.8 percent ownership stake in DNO, which has assets in the Kurdistan Region of Iraq, Yemen, Oman, UAE and Tunisia, RAK will carry on supporting the new management, which includes many former RAK Petroleum staff.

It is worth noting that the merger of RAK’s former subsidiaries into DNO completed in January.

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