Emirates National Oil Company (ENOC), Dubai based giant of the oil world, will be buying the remaining 48% of Dragon Oil as well, the share which was earlier not included in a deal that would cost the UAE based company 2.36 Billion Pounds ($3.88 Billion). The agreement came through recently, after ENOC agreed that Dragon was rapidly expanding overseas and the company itself wanted to do the same.

The initial offer for Dragon was being considered by ENOC in June, when the company said that the fact that Dragon has an international presence is very appealing. ENOC itself seeks to expand to as many countries about as possible, including Turkmenistan, where Dragon has made a definite mark for itself.

On Monday, Dragon confirmed that the company has been offered 455 pence per share, a price offer which represents a 6% premium to the closing price recorded for the share on the last trading day, right before it had received the bid approach.

“This acquisition is an exciting development for ENOC and represents a major step in ENOC's strategy of building a vertically integrated oil & gas group with a strong upstream position. Dragon Oil's assets will significantly enhance ENOC's reserves and production. By achieving full control of Dragon Oil, ENOC will be able to achieve greater operational flexibility to progress the development of the assets further”, said Chief Executive of ENOC Saeed Khoory.

The deal is expected to reach a closure soon and has been approved by committees and shareholders of both companies.