UAE company books AED271.6m net income as it announces acquisition of Ivory Coast gas assets
UAE-based RAK Petroleum reported record profits for 2012 as it announced the acquisition of gas assets in the Ivory Coast.
The company posts net profits of AED271.6m ($73.9m), compared with AED15.7m for 2011, driven by the Ras al-Khaimah company’s acquisition of additional shares in Norway’s DNO International at the beginning of 2012.
RAK Petroleum now holds a 42.8 per cent stake in DNO, which holds assets in the Kurdistan region of northern Iraq, Yemen, Oman, the UAE, Tunisia and Somaliland.
In April 2013, RAK Petroleum acquired Modoil Enterprises. The company holds an 8 per cent stake in the Ivory Coast’s Block 27, which contains the West African country’s largest gas field Foxtrot.