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Mon 23 Nov 2009 02:06 PM

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ENOC will not increase Dragon Oil bid

Dubai state-owned refiner will not increase takeover offer, 'final decision' says CEO.

Emirates National Oil Co (ENOC) will not increase its bid for Dragon Oil, the group's chief executive said on Monday.

"Despite what analysts say it is not underpriced and we will not increase our price and this is a final decision," Saeed Khoory told reporters on the sidelines of a conference.

Dragon Oil Plc said last week the Dubai state-owned refiner had confirmed it would not increase its takeover offer from 455 pence per share.

Meanwhile, Emirates National Oil Co (ENOC) will commission the upgrade of its Jebel Ali refinery in the first quarter of 2010, the group's chief executive said.

"We will be commissioning it in the first quarter of 2010," Saeed Khoory told reporters.

The full capacity of the refinery will be 120,000 barrels per day (bpd), and it will operate at 80 percent capacity in the first quarter, he said.

Khoory told Reuters in April the upgrade would take place by the fourth quarter of 2009. (Reuters)

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