RAK Petroleum posts Dh81.3m Q1 profit

RAK Petroleum Public Company Limited, the energy investment company, today announced unaudited net profits of Dh81.3 million for the first quarter ended March 31, 2012, continuing the company’s profitability into the fourth consecutive year. The announcement follows the release by DNO International ASA of its quarterly financial and operating results.   “Integration of RAK Petroleum’s former operating subsidiaries into DNO International is now complete following legal closure of the merger in January 2012 and an organised handover and restructuring of key management positions,” said Bijan Mossavar-Rahmani, Chairman of the Board of Directors and Chief Executive Officer of RAK Petroleum. “We are pleased with our investment  in  DNO International, our single largest asset, and will continue to do what we can to support their management team, including many former RAK Petroleum staff, to build on the solid performance so far this year,” Mossavar-Rahmani added.   RAK Petroleum holds a 42.8 per cent ownership stake in DNO International, a publicly traded Norwegian oil and gas company with assets in the Middle East and North Africa region (Kurdistan Region of Iraq, Yemen, Oman, UAE and Tunisia).