24 Hrs
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البلاد
Gulf Keystone and Shamarān Unite as Major Kurdistan Oil Producer
Gulf Keystone Petroleum, a British oil company, announced its merger with Norway's Shamaran Petroleum through a share swap worth $601 million, aiming to create one of the largest oil production companies in the Kurdistan Region of Iraq. After the deal is completed, shareholders of both companies will each own about 50% of the new entity, with Gulf Keystone planning to move its listing to Euronext Oslo and delist from London. This merger comes at a time of accelerating oil company deals in the Middle East, as oil prices rise due to the ongoing war in the region.
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