UAE Gas Giant to Invest 500 Mln USD in Region

UAE gas giant to invest 500 mln USD in region

ABU DHABI, May 18 (Xinhua) — Dana Gas of the United Arab Emirates (UAE) announced on Sunday that it will invest more than 500 million U.S. dollars in 2008 in its projects in Iraq, Egypt and the UAE.

The Sharjah-based Dana Gas, the largest private natural gas company in the Middle East, will channel its 500-million-dollar investments into all sectors of the gas industry, a press release by the company said.

Dana Gas expects the investments to realize the value of its strategic positions in the gas sector in the Kurdish region of Iraq, Egypt and the UAE, and further boost revenues at the next stage of its development.

“Our focus this year will be implementing the important projects in the UAE and the Kurdish region of Iraq, while significantly expanding the drilling program of new wells in Egypt, ” the company’s executive director Ahmed Al Arbeed said.

Dana Gas is currently implementing a major integrated gas project in Iraq’s Kurdish region, which is the largest private sector energy project in Iraq involving gas development, production, processing and pipeline construction. The project is scheduled to start gas production in the middle of 2008 and its production is expected to reach 300 million cubic feet per day by the year-end.

In Egypt, Dana Gas has established itself as the country’s sixth largest producer of gas with the capability of producing 140 million cubic feet per day.

In the UAE, Dana Gas has recently acquired a 25-year offshore licence for exploiting gas in an area of over 1,000 square km in Sharjah.

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