Middle East Economic Survey

VOL. LII

No 9

2-Mar-2009

libya

Verenex Accepts CNPCs $398Mn Takeover Bid

Verenex Energy announced on 26 February that it had accepted a takeover bid by state-owned Chinese firm CNPC International, amounting to approximately C$499mn ($398mn), subject to approval by Libyas National Oil Corporation (NOC). If it goes through, the acquisition effectively guarantees CNPC significant future production in Libya. The Chinese company currently only has one offshore exploration...