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FINANCIAL NEWS
UK Heritage buys 51% stake of Libya’s Sahara Oil
06 Oct 2011
(MENAFN) Britain’s Heritage Oil said that the company inked the first deal in Libya since the start of the civil war by buying a 51 percent of Libya’s Sahara Oil Services Holdings for USD19.5 million, reported Arab News.
The British explorer added that the company founded a base in Benghazi and was in discussions with senior members of Libya’s National Transitional Council (NTC).
It also said that Sahara Oil Services had the rights to own and run oil and gas licenses in the country, moreover, it had got the required permits to provide onshore and offshore oil field services.
It is worth noting that Heritage Oil has operations in Iraq. The company’s net cash is estimated at USD468 million.
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