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Sun 28 Aug 2011 06:59 PM

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RAK Petroleum posts Q2 net income of $13.17m

UAE-based oil and gas producer says profits boosted by performance of associate firm DNO Int'l

RAK Petroleum posts Q2 net income of $13.17m
(Getty Images - for illustrative purposes only)

RAK Petroleum, a UAE-based oil and gas producer, on Sunday posted
second-quarter net income of AED48.4 million ($13.17 million),
after taking a share of profit from associate company DNO International.

Norwegian operator, the first foreign company to pump oil in Iraq since
the 1970s, posted second-quarter net income of 216.1 million kroner ($40
million), it said on August 17. RAK Petroleum owns 30 percent of DNO.

“I am
delighted to see our associate company DNO International begin to make a
contribution to the RAK Petroleum bottom line,” said Bijan
Mossavar-Rahmani, chairman of the board of directors and chief executive
officer of RAK Petroleum. DNO returned to profit last quarter after a
dispute over payments in Iraq was resolved.

On a
standalone basis RAK, based in the emirate of Ras Al Khaimah, posted a
second-quarter operating profit of AED4.6 million, it said in a statement. The company last year reported net profit of
AED9.6 million for the quarter ended June 30.

said last month they will combine their Middle East and African
businesses, in a transaction that will increase RAK’s stage in the
Norwegian company to about 40 percent. The operations will be a unit of
Oslo-based DNO.

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