The UAE's RAK Petroleum and DNO, the Norwegian oil and gas company in which it owns a stake, are to merge.
Yesterday the companies agreed to bring the Ras al Khaimah company's operations, which span Oman and the UAE, into the Oslo-based company. Under the agreement DNO is to issue shares to RAK Petroleum equivalent to the value of the Gulf company's assets, estimated between US$250 million (Dh918m) and $300m.
"There is a compelling logic in combining the DNO and RAK Petroleum operating assets to build a first rank independent MENA upstream operator," said Bijan Mossavar-Rahmani, the chairman of RAK Petroleum, in a company statement. Earlier this month Mr Mossavar-Rahmani was also made chairman of DNO.
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