Dubai’s Emirates National Oil Company (Enoc) appears poised to succeed in its second attempt to purchase the remaining 46% of Turkmenistan-focused Dragon Oil that it does not already own after sweetening its original offer, bringing it a step closer to its goal of becoming an integrated upstream/downstream oil and gas company.

Enoc on 17 June completed a $1.5bn term debt syndicated facility from local, regional and international banks – partly denominated in UAE Dirhams as well as $US. The facility was well supported and oversubscribed, Enoc says. The cash boost comes just in time to complete the Dragon takeover. (CONTINUED - 1173 WORDS)