Dragon Oil, a Dubai-based energy group that pumps oil in Turkmenistan and is incorporated in Ireland, may move its legal headquarters to Bermuda by creating a holding company there.
The proposal by the directors will require regulatory, court and shareholder approval, and comes as Dragon seeks to expand its operations internationally, and could result in tax savings on acquisitions.
Dragon’s board said it would allow the group to structure proposed new business ventures in a “tax-efficient manner”, and that details of the ventures would be provided to shareholders soon.
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