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10-03-14

ME oil, gas transactions led by Oman, UAE, Iraq

(MENAFN) Combined oil and gas transactions in the UAE, Oman and Iraq accounted for around 60 percent if total upstream transactions in the Middle East, Times of Oman reported. The number of transactions in the region dropped 40 percent from 44 in 2012 to 26 last year, with value increasing from USD2.7 billion in 2012 to USD3.1 billion in 2013. Mena Oil & Gas Leader of Ernst & Young said: "Rapid-growth markets have been, in recent years, the engine room of the world's economic growth." The Middle East upstream transaction value went up steadily in 2011, 2012 and 2013 with an increase of 0.8 percent, 1.5 percent and 1.8 percent, respectively