Thursday, 28 August 2008 |
11:36 UAE time
UAE energy firm RAK Petroleum is looking to spend $400 million on acquisitions of oil and gas assets in the Arab region and neighbouring countries, Gulf News reports.
A failed deal in April to acquire Gulf Keystone Petroleum Limited means the company has $400 million ready to spend. However, it could potentially spend more if it found producing oil or gas fields according to new CEO Peter Sadler.
“We can access more money through borrowings” he told Gulf News. “We are looking for acquisitions between $300 million and $800 million over the next 12 months.
"We have an upstream focus, predominantly gas if it is in the Arab world. Gas requires a bit more commercial and political knowledge of the region. With oil you can move a little bit further from your borders," Sadler said.
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