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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.

The
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.

DNO and RAK
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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