Abu Dhabi, UAE -- Premier Oil Plc and Emirates International Investment Co. LLC (EIIC) have formed two new joint venture companies to pursue the acquisition of upstream oil and gas assets across the Middle East and North Africa region. The new companies will be headquartered in Abu Dhabi.
The first JV, to be known as PREMCO, will be owned 49% by Premier and 51% by EIIC, and will hold all JV assets acquired in the UAE. In the event of a change of control of Premier Oil Plc, EIIC will have a pre-emptive right to purchase Premier's 49% of this JV at fair market value.
The second JV, to be known as PREMBV, will be owned 50% by Premier, 50% by EIIC, and will hold all JV assets acquired elsewhere in the Middle East and also in North Africa.