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RAK Petroleum on global track
RAS AL KHAIMAH — RAK Petroleum PCL yesterday outlined the steps the company has taken to become a global oil and gas player at the Ordinary General Meeting (OGM) that took place in the presence of the company's vice-chairman, board of directors, senior executives and shareholders at Al Hamra Fort Hotel, Ras Al Khaimah.
Reviewing the performance of the Company during the 461 days ended December 31, 2006, Vice-Chairman Hussein Sultan Al Junaidi said the net profit for the said period amounted to over AED180 million ($50 million, which represented an average net return of six per cent to shareholders. Deposits and gains from investments in financial markets accounted for these returns as the company was mainly evaluating major investment and acquisition opportunities during the initial year.
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