Business | Oil & Gas
Dana Gas, Crescent Petroleum joint venture expect to generate $40 billion in FDIs to Iraq
Gas Cities LLC, a joint venture between Dana Gas PJSC, private-sector natural gas company, and its partner Crescent Petroleum, announced on Tuesday that the 461 million square foot site for the Kurdistan Gas City has been officially assigned by the Kurdistan Regional Government (KRG) for development by Gas Cities LLC, following extensive surveys that have been completed on potential sites within the Kurdistan Region of Iraq.
- Staff Report
- Published: 12:56 July 29, 2008
Dubai: Gas Cities LLC, a joint venture between Dana Gas PJSC, private-sector natural gas company, and its partner Crescent Petroleum, announced on Tuesday that the company will develop Iraq's Kurdistan Gas City.
The Kurdistan Gas City is a major new sustainable and synergistic gas-utilization industrial complex to be built over an area of 461 million square feet, designed to promote private sector investment in a variety of gas-related industries to further benefit the country's citizens through mass training, creation of tens of thousands of jobs, and the promotion of general economic activity.
The Kurdistan Gas City will include industrial, residential and commercial components in an integrated city, with an expected initial investment in basic infrastructure estimated at $3 billion, preparing the land for possession by prospective residents.
This initial investment will in turn facilitate further foreign direct investment exceeding $40 billion (Dh147 billion) during the operations phase.
The Gas City is being structured to hold over 20 varieties of world scale petrochemical and heavy manufacturing plants, and hundreds of small and medium-sized enterprises (SMEs), served by state-of-the art civic facilities.
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