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Thu 2 Jun 2005 04:00 AM

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Enoc denies Dragon sale

Emirates National Oil Company (ENOC) denied reports that it is in talks with Lukoil to sell its holding in Dragon Oil Plc.

Emirates National Oil Company (ENOC) has denied reports that it is in talks with Russian oil giant Lukoil to sell of its holding in Dragon Oil Plc. Enoc holds a 52% stake in the independent oil and gas exploration and production company, which is listed on both the London and Dublin stock exchanges.

“There is absolutely no truth in the report,” said Hussain Sultan, group CEO and board member of Enoc. “Emirates National Oil Company remains the majority shareholder in Dragon Oil Plc and is not in talks with Lukoil to sell its shares in Dragon Oil Plc.”

Russian oil major Lukoil also denied the reports. Company spokesman Dmitry Dolgov told Oil&Gas Middle East: “There is no such development and the company is not involved in any deal.” Asked if there had been some initial discussions with Enoc, he declined further comment.

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