By Andy Sambridge
BlackGold, a fully owned subsidiary of Al Zarooni Enterprises, has become one of the first UAE companies to enter the energy exploration and production market in northern Iraq, according to its CEO.
Najib Al Zarooni, chief executive of BlackGold, said it had invested millions of US dollars in the Northern Iraq project, and that exploration is scheduled to start in 2010, with production likely commencing in early 2011.
“Northern Iraq holds great promise for both exploration and production investment, and we are excited to be one of the first UAE companies to boldly move into this new regional energy frontier,” he said.
BlackGold sees this project as an historic investment opportunity in a time of regional expansion,” added Zarooni.
BlackGold’s activities will include a 40 percent working interest in the DNO operated Erbil production sharing contract and an 80 percent interest in the newly formed Khalakan production sharing contract.
Black Gold also has interests in Ethiopia and South Africa. In addition, the company owns refinery, several minerals mining and soon power generation.
Al Zarooni said the Iraqi move was an “important and timely step” within its strategy to expand its activities in regional and international markets.
Source: Arabianbusiness.com
