Exclusive: ENOC group CE on Dragon Oil purchase
Saeed Khoory reveals how the Dragon Oil takeover will strengthen ENOC
Saeed Khoory, group chief executive of ENOC talks exclusively to ArabianOilandGas.com on the recent Dragon Oil acquisition.
ArabianOilandGas.com: What advantages will the acquisition of Dragon Oil give ENOC?
Saeed Khoory: Taking full ownership of Dragon Oil will increase the combined entity’s financial strength and execution capability to develop the assets further. The acquisition marks an important step in ENOC’s strategy to become a major integrated oil and gas group. The natural synergies between ownership of upstream assets and running a downstream marketing business strengthen the group’s financial position.
Dragon Oil will gain access to ENOC’s technical expertise and financial strength to further enhance the value of its asset base, benefiting all stakeholders. The deal will enhance ENOC’s existing reserves and production base, and create an outstanding platform for continued growth.
ArabianOilandGas.com: What challenges are you facing with the acquisition? Has everything run smoothly?
Saeed Khoory: The deal has reached this point following a full evaluation process, taking into account all aspects of the business, the assets under consideration and the future growth potential of the company. The agreement has been reached after months of extensive negotiations between the Independent Committee, Dragon Oil, and ENOC and our financial advisors.
ArabianOilandGas.com: What are your future plans for Dragon Oil?
Saeed Khoory: The focus will be to continue to develop the operations in Turkmenistan.
ArabianOilandGas.com: Do you plan to expand through further acquisitions?
Saeed Khoory: We are open to potential growth opportunities in key markets globally.
ArabianOilandGas.com: How big a part did Dragon Oil’s foothold in Turkmenistan play in the acquisition? How much potential do you see for the area?
Saeed Khoory: The focus of Dragon Oil’s operations is Turkmenistan, and we will continue to put efforts in developing the operations there, as it has sizeable gas and oil resources and growth opportunities.
[Original statements provided by ENOC on the 10/11/09 have been withdrawn at the request of ENOC]