Ras Al Khaimah to raise funds through gas asset sales

05/07/2010 - Ras Al Khaimah Property News
Ras Al Khaimah to raise funds through gas asset sales

Posted by Neil King

RAK Gas, a state utility of Ras Al Khaimah, is looking to raise new funds through the sale of its east African assets, it has been reported.

According to the Independent, RAK Gas is believed to view the assets as non-core sites that do not provide any domestic gas supply.

The newspaper also quoted a gas industry source who suggested the four assets, two of which are based in Tanzania, could fetch "several tens of millions of dollars".

RAK Gas has a 100 per cent stake in the East Pande block in Tanzania and minority interests of between 20 and 25 per cent in the other three assets, which are also located in Somaliland and Egypt.

The company was reported to have sent out a "teaser notice" to potential bidders which provides some basic data on the exploration sites.

Meanwhile, Emirates Business 24/7 last week reported that the Abu Dhabi government is to press ahead with a huge $30 billion investment programme for the development of the emirate's hydrocarbon sector.ADNFCR-2019-ID-19873629-ADNFCR