Middle East Economic Survey

VOL. L

No 35

27-August-2007

IRAQ

DNO Turns Down $700Mn IOC Bid For Northern Iraq Assets

Norways DNO announced on 22 August it had rejected an unsolicited offer from a large international oil company (IOC) worth $700mn for its upstream assets in northern Iraq based on an early-July evaluation. The Board of Directors of DNO has reviewed the interest and decided not to pursue the matter further, the company said. MEES understands that Statoil studied the acquisition of the...