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...
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