Enoc will keep hold of Dragon Oil

Dubai-controlled refiner Emirates National Oil Company (Enoc) will retain control of explorer Dragon Oil, quashing speculation of a sale based on Dubai's need for cash to meet its pressing debt obligations. Enoc said yesterday it remained committed to a 2 November bid for the remaining 48 per cent of the London-and-Dublin-listed firm for about $1.8 bn (£1bn), valuing Dragon at $3.9bn.