MOL Buys Stake In Iraqi Oil Co, Becomes Partner Of OMV

2009/06/04

MOL Buys Stake In Iraqi Oil Co, Becomes Partner Of OMV“Hungarian oil and gas group MOL has announced on Sunday that on 15 May 2009 it signed an agreement to acquire 10% stake in Pearl Petroleum Company Limited (Pearl) from the Crescent Petroleum and Dana Gas PJSC.

Pearl holds all of the companies’ legal rights in Khor Mor and Chemchemal gas-condensate fields in the Kurdistan Region of Iraq.

In exchange for a 10% ownership package of Pearl MOL paid 6,271,142 “A” series MOL shares, representing 6% of its current registered capital and as a result Crescent Petroleum and Dana Gas will each become 3% shareholders in MOL.

This project in Kurdistan Region of Iraq provides an excellent opportunity to develop two of the most significant gas fields in the region within the next few years with significant multi Tcf up-side potential.

Over the past two years Crescent Petroleum and Dana Gas have invested USD 605 million in the successful fast-track development of the Khor Mor gas field and a local natural gas network, including construction of a 176 km natural gas transmission pipeline enabling local gas-fired power generation plants to provide secure electricity supplies to over 4 million Iraqis, and reduce local oil consumption expenditure which in turn has led to savings in governmental fuel costs of approximately 2 billion US dollars per year.

more: XPATLOOP

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