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Updated Wednesday, November 4, 2009 11:23 am TWN, Reuters

Dubai's Enoc agrees on US$2 bil. bid for Dragon

LONDON/DUBAI -- Dubai's Emirates National Oil Company (Enoc) agreed to pay US$1.9 billion to take control of Dragon Oil in a further push by the state-owned refiner into exploration, even as the emirate grapples with a huge debt burden. Dragon's committee of independent directors advised investors to accept the 455 pence a share bid for the 48 percent of the Turkmenistan-focused oil explorer that Enoc does not own. The offer values Dragon at 2.36 billion pounds (US$3.88 billion).

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