IOC-OIL JV eyes Gulf Keystone acquisition


The 50:50 joint venture of IOC and OIL, are in talks to acquire Gulf Keystone Petroleum that has operations in Kurdistan, Iraq and Algeria, investment banking sources said here. “They are talking to a set of promoters of Gulf Keystone and have valued the entire buyout at US$2.23 billion,” a source said. Another investment banker said IOC-OIL joint venture was in talks with the two promoters groups based out of Kuwait.

“The promoters are keen to sell but are asking for more,” the banker said without putting a value to what the promoters were demanding. Gulf Keystone is a Bermudian incorporated company that has six exploration blocks and two producing fields in Algeria. In November 2007, the company acquired interests in two production sharing contracts in the Kurdish region of Northern Iraq.

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