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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.
Dragon Oil, which is listed on the Irish and London stock exchanges, and Enoc, which is owned by the Dubai government, said on 15 June that the board of Enoc and an independent committee of Dragon’s board had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued shares of Dragon Oil not already owned by Enoc. Dragon will effectively become an NOC. Enoc is wholly-owned by the Investment Corporation of Dubai, which is wholly-owned by the government of Dubai.
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