Middle East Economic Survey


No 45



Dragon Oil Seen Accepting ENOC Share Purchase Offer

The Independent Committee of UAE-based Dragon Oil has recommended that its shareholders accept an offer made by Emirates National Oil Company (ENOC) for the purchase of 48.5% of company shares. The purchase would give ENOC full ownership of Dragon Oil, as it already holds 51.5%. ENOC offered to pay Dragon, which is listed on the London and Irish stock exchanges, 4.55 in cash for each...