RAK to sell East African assets
Sunday 04 July 2010
RAK Gas, a state utility of United Arab Emirate Ras Al Khaimah, has put its East African assets up for sale.
The group has hired the London office of corporate adviser Taylor- DeJongh to sell assets in Tanzania, Somaliland and Egypt. Potential bidders have received a so-called "teaser notice", which provides some basic data on the exploration sites. The teaser is understood to state: "Following a strategic review of its activities, RAK Gas has decided to dispose of its directly held exploration interests."
The four assets, two of which are based in Tanzania, are expected to reach "several tens of millions of dollars", according to a gas industry source. RAK has a 100 per cent stake only in the East Pande block in Tanzania, the rest are minority interests of 20 to 25 per cent.
It is understood that RAK has decided to offload the stakes as it views them as non-core sites that do not provide any domestic gas supply. The stakes might be sold individually, but RAK would prefer to sell them in one bundle.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...