Middle East Economic Survey


No 12


NOC To Exercise Pre-Emption Rights On Verenex Buyout, Tighten Its Grip

The National Oil Corporation (NOC) will exercise its pre-emption right to buy Verenex Energy, the companys chairman and Libyas de facto oil minister Shukri Ghanem said last week. The Canadian firm, which has made a string of oil and gas discoveries in Libyas Ghadames Basin, agreed late last month to a $398mn takeover bid by Chinas CNPC International, subject to the...