Verenex In For A Lengthy Acquisition With NOC's Interest

The head of Libya's National Oil Corporation (NOC), Shokri Ghanem, has confirmed that the state-owned company will exercise its right of refusal to buy Canada's Verenex Energy. The move, which is in line with Libya's efforts to secure better returns for the state, throws a spanner in the works for China National Petroleum Corporation (CNPC) which offered to acquire the company for CAD443mn (US$363mn), or CAD10 per share, on February 26. Under the pre-emption clause, NOC must match CNPC's offer. Verenex said that it was unable to confirm NOC's intentions, however reiterated that 'the proposed sale of Verenex is subject

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