RAK Petroleum first year net profits reach $50 million
Posted: 30 April 2007
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RAK Petroleum PCL said its profits during the 461 days ended 31st December 2006 amounted to over Dh180 million ($50 million), which represented an average net return of six per cent to shareholders.
Deposits and gains from investments in financial markets accounted for these returns as the Company was mainly evaluating major investment and acquisition opportunities during the initial year.
Reviewing the performance of the Company at the Ordinary General Meeting (OGM) that took place at Al Hamra Fort Hotel, Vice Chairman Hussein Sultan Al Junaidi said that the shareholders’ initial investment of Dh3 billion ($816 million) in RAK Petroleum has grown to Dh3.192 billion ($864 million) since the formation of the company on 27th September 2005. The company has an authorized capital of Dh5 billion although the issued and paid-up share capital now stands at Dh3 billion.
He stated that RAK Petroleum’s geographical focus would be in the Gulf Region close to the emirate of Ra’s Al Khaimah and in North Africa, while the business focus would be in the areas of upstream oil & gas production and development, midstream gas transportation and storage, and in due course downstream gas processing and petrochemical projects.
Referring to the current strengths and future plans of the Company, Al Junaidi said that the recent agreements with Indago Petroleum Limited (Indago) and Gulf Keystone Petroleum Limited (Gulf Keystone) will position RAK Petroleum on course to develop into a major regional oil & gas player by building a diverse portfolio of reserves around an experienced, UAE-based management team.
RAK Petroleum acquired all of Indago’s exploration and production assets on April 5, 2007. As per another agreement signed on 13th April 2007, RAK Petroleum will acquire all of the issued and to be issued share capital of Gulf Keystone, subject to shareholder approvals and Algerian regulatory consents. These two transactions build on the earlier investment in Anzon Energy Limited. |
