Ras Al Khaimah: RAK Petroleum yesterday announced the takeover of Gulf Keystone Petrol Company's stocks after signing an agreement.

The Gulf Keystone Petrol Company's board of directors recommended the deal, which will be paid for in cash the sum of £208 million.

The board expressed its commitment to vote unanimously for the takeover through a merger according to the Bermuda laws.

This operation is part of RAK Petroleum projects to be part of the regional big players in the oil and gas sector.

RAK Petroleum took over Indigo Petrol recently.

Abdul Aziz Al Gurair, the head of RAK Petroleum's board of directors, said after the agreement that he was satisfied with the deal.