Deal Of The Week

In a potent illustration of the trend of emerging-to-emerging deals, Emirates National Oil is buying out the remaining 48.5% of Dubai-based Dragon Oil which it does not already own for US$1.2bn. The main asset of Dragon Oil is its Cheleken contract area in Turkmenistan's Caspian Sea. This acquisition underscores the strategic importance of gaining an entry point into Turkmenistan's oil and gas reserves. The fifth largest natural gas field in the world, the South Yolotan-Osman field, was recently identified in the Caspian Sea Shelf and is meant to dwarf the Shtokman gasfield in Russia, which has recently attracted significant foreign

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