DNO to acquire RAK Petroleum's MENA units

By OGJ editors
-- DNO International ASA agreed to acquire RAK Petroleum PCL’s Middle East and North Africa operating subsidiaries through a stock transaction.

The transaction, estimated at a total value of $250-300 million, will be treated as a merger under Norwegian law. DNO plans to remain based in Oslo. RAK is based in Dubai.

The boards of both DNO and RAK endorsed the proposed transaction July 3. The shareholders of each company have yet to give final approval.

After closing, RAK will hold 40% interest in DNO. Currently, RAK holds 30% interest in DNO.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...