Business | Oil & Gas
Dana Gas and Ikarus form energy alliance
Dana Gas has announced the signing of a Memorandum of Understanding (MoU) with Ikarus Petroleum Industries, a major Kuwaiti company, to cooperate in downstream gas and petrochemical projects.
- Staff Report
- Published: 01:13 February 24, 2008
Sharjah: Dana Gas has announced the signing of a Memorandum of Understanding (MoU) with Ikarus Petroleum Industries, a major Kuwaiti company, to cooperate in downstream gas and petrochemical projects.
The MoU was signed last week by Rashid Saif Al Jarwan, general manager of Dana Gas, and Suhail Abograis, CEO of Ikarus Petro-leum to cooperate on gas projects in the Middle East and North Africa.
Dana Gas brings to the table its many assets and projects in gas exploration and production, as well as processing, transportation and marketing in several countries, including Egypt, the UAE and Kurdistan.
The MoU will focus specifically on petrochemicals and downstream projects, including Dana Gas Cities under development in several locations across the region.
The Dana Gas City proprietary concept involves developing local gas-based industries, encompassing integrated community-optimising natural gas utilisation.
Shareholders
Major shareholders in Ikarus Petroleum are National Industries for Building Materials, Noor Financial Investment Company, and Markaz Energy Fund.
The company's investment portfolio consist of Saudi International Petrochemical Company (Sipchem), which is engaged in the production and marketing of petrochemical products, as well as of National Industrialisation (Tasnee), which operates propane dehydrogenation and polypropylene projects.
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