Dana Gas signs pact for venture in Kurdistan
Dana Gas, the Middle East's first regional private-sector natural gas company, yesterday said it has concluded a number of agreements, including a Strategic Alliance Protocol with the Kurdistan Regional Government of Iraq.
Dubai: Dana Gas, the Middle East's first regional private-sector natural gas company, yesterday said it has concluded a number of agreements, including a Strategic Alliance Protocol with the Kurdistan Regional Government of Iraq.
These agreements form part of a strategy to advance the considerable economic benefits available to the region through the successful development of its substantial gas resources, a company statement said.
The agreements were signed in Erbil by Nechirvan Barzani, the Prime Minister of the Kurdistan Regional Government, and Hamid Dhiya Jafar, executive chairman of Dana Gas, in a ceremony that was attended by several KRG officials, as well as by members of the board of directors of Dana Gas, and directors of Crescent Petro-leum.
Under the terms of the Strategic Alliance Protocol, the Kurdistan Regional Government, Dana Gas and its affiliate Crescent Petroleum will jointly review the natural gas resources in Iraqi Kurdistan with a view to the optimisation, development and utilisation of that substantial resource.
As part of the Strategic Alliance Protocol, the Kurdistan Gas City project was launched. This is a major new gas-utilisation industrial complex designed to promote private sector investment in a variety of gas-related industries for optimal use of the region's natural gas resources. These will further benefit the country's citizens through training, job creation and the promotion of general economic activity.
Barzani said: "This important initiative with Dana Gas will set an excellent example to other regions and governorates of Iraq for the country's econ-omic development for the benefit of all Iraqis."
Service contract
Dana Gas was also appointed on a service contract basis to develop, process and transport natural gas from the Khor Mor Gas Field, and to also concurrently appraise the potential of the Chemchemal Gas Field, in order to provide natural gas supplies to fuel domestic electrical power generation plants under construction near Erbil and Sulaimaniya.
