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Article: Turkmenistan: ENOC Bids for Rest of Dragon Oil to Tap Turkmenistan.
- Article from:
- TendersInfo
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
Emirates National Oil Co., Dubai s government-run refiner, offered to buy the rest of Dragon Oil Plc for about 1.1 billion pounds ($1.8 billion) to tap deposits in Turkmenistan and meet rising demand at home.
The bid by Emirates National, known as ENOC, of 455 pence a share for the 48.5 percent of the Dubai-based explorer it doesn t already own is 35 percent higher than Dragon Oil s closing share price on June 3. Two days later, ENOC said it was considering an offer at a modest premium. Dragon Oil jumped the most in London trading since it was first approached.
ENOC is seeking overseas assets to expand into oil and natural-gas ...