No. 22



IOCs Seek To Replace Enron As Strategic Partner In Dolphin Project

Enron announced on 21 May that it had pulled out of the Dolphin project and agreed to transfer its 24.5% stake as a strategic partner to the UAE Offsets Group (UOG), the sponsors of the venture, for an undisclosed sum. Reports of an Enron withdrawal from the project as part of the companys global restructuring strategy had been circulating for some weeks and, MEES learns, under the terms of its...