Kuwait Energy to sell stake in Iraq’s Block 9 to UAE firm

Kuwait Energy to sell stake in Iraq’s Block 9 to UAE firm
A stake of 15% will be assigned for the interest in Block 9 to Dragon Oil

Mubasher: Kuwait Energy has signed an agreement on Monday to sell a stake in Block 9 in Iraq to Dragon Oil, a subsidiary of Emirates National Oil Company Limited (ENOC), as reported by Reuters.

Based on the agreement, a stake of 15% will be assigned for the interest in Block 9 to Dragon Oil, Reuters said.

The total 15% is divided as 8.57% interest in consideration for $100 million in cash, while the remaining 6.43% will be an interest in settlement of dispute with Dragon Oil as a non-controlling interest in Iraq’s Block 9, Reuters reported.

The news agency added that Dragon Oil’s interest will rise to 45% from 30% with a remaining 10% held by the Egyptian General Petroleum Corporation.