Dana Gas, Crescent Petroleum form JV for Kurdistan Gas City

DUBAI — Gas Cities LLC, a joint venture between Dana Gas PJSC and its partner Crescent Petroleum, announced yesterday that the 461 million square foot site for the Kurdistan Gas City has been officially assigned by the Kurdistan Regional Government (KRG).



By A Staff Reporter

Published: Thu 31 Jul 2008, 12:51 AM

Last updated: Sun 5 Apr 2015, 1:00 PM

In a Press statement, the company said the site will be allocated for development by Gas Cities LLC, following extensive surveys that have been completed on potential sites within the Kurdistan Region of Iraq.

The groundbreaking ceremony of the Kurdistan Gas City will take place on September 21, 2008 in the presence of the Prime Minister of the Kurdistan Regional Government of Iraq, Nechirvan Barzani, and several Ministers, dignitaries and heads of prospective local as well as international industry leaders.

The Kurdistan Gas City is a major new sustainable and synergistic gas-utilisation industrial complex to be built over an area of 461 million square feet. It is designed to promote private sector investment in a variety of gas-related industries to further benefit the country's citizens through mass training, job creation in the many tens of thousands, 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 the 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.

Nechirvan Barzani, Prime Minister of the Kurdistan Regional Government, said on the occasion, "Dana Gas and Crescent Petroleum have made a significant contribution to the Iraqi economy through their work in the Kurdistan Region of Iraq thus far, and the new Kurdistan Gas City will be an extension of the considerable and commendable achievements to date. We highly appreciate their dedication towards our region and welcome their efforts to support the Iraqi people and the Iraqi economy. Through their professionalism and genuine concern for the community, we are making significant progress in spurring on economic growth and creating opportunity for our people."

Hamid Jafar, Executive Chairman of Dana Gas, explained the ramifications of this achievement by saying, "The Kurdistan Gas City is an enormous step forward in Dana Gas' strategy across the Middle East, North Africa and South Asia (MENASA) Region. At this time, we have the KRG and Prime Minister Barzani to thank for welcoming Crescent Petroleum and Dana Gas into the Kurdistan Region of Iraq, as we work towards strengthening the Iraqi economy and bettering the livelihood of the Iraqi people."

The Kurdistan Gas City is the first in a series of "Gas Cities" that are being developed across the Middle East, North Africa and South Asia (MENASA) region by Gas Cities LLC, a joint venture company that has been established by and between Dana Gas and Crescent Petroleum. The Kurdistan Gas City is projected to generate direct and indirect job opportunities for nearly 200,000 Iraqi citizens in infrastructure, industrial projects, support services and other business activities.


More news from Business
In-store shopping regains trust

Business

In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business5 days ago