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RAK Petroleum energised by Dh60m 2010 profits

RAK Petroleum, the Ras al Khaimah oil and gas producer, has reported its profits for the first nine months of 2010, taking in Dh 60 million.

RAK Petroleum announced a net profit of Dh20 million (US$5.5m) for the third quarter and Dh60m for the first nine months of this year.

The company did not disclose its earnings for the comparable periods of last year but said its total profit last year was Dh29.5m.

"We are pleased to report the company's sixth consecutively profitable quarter and we continue to build a strong platform for future growth," said Bijan Mossavar-Rahmani, the chairman and chief executive of the privately owned Ras al Khaimah oil and gas producer.

The company said it would start work to redevelop the Saleh gas and condensate field off the coast of Ras al Khaimah before the end of this year.

Earlier this month, RAK Petroleum took full control of the mothballed gasfield by acquiring the 60 per cent interest in the concession previously held by the state-owned Ras Al Khaimah Gas Commission.

RAK Petroleum also said it had started drilling an exploration well in Oman and would take three months to reach the target depth of 4,200 metres. RAK Petroleum's partner in the Omani concession is the Spanish oil group Repsol.




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