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Article: Turkmenistan: Dubai s ENOC to Buy Dragon Oil.
- 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. on Monday agreed to buy out the shares of Dragon Oil PLC that it doesn't already own for $1.15 billion, underscoring the race to develop Turkmenistan's vast oil and gas reserves.
Dubai-based Emirates National Oil Co., or ENOC, agreed to pay 455 pence ($7.47) a share in cash to acquire the remaining 48.5% of Dragon Oil shares. The offer represents a 35% premium to the share price June 3 the day before Dragon Oil said it had received an approach and values the whole company at $2.36 billion.
The independent oil and gas company, which is listed in Dublin and London, managed to extract a significant ...