Dana Gas imports from Iran to reach UAE by mid-2008

DUBAI — Dana Gas is set to begin importing gas from Iran by the middle of this year and also expects its gas projects in Iraq to start operating at the same time, it said in a statement yesterday.

By (By a staff reporter)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Mon 7 Apr 2008, 9:45 AM

Last updated: Sun 5 Apr 2015, 11:36 AM

“For 2008, Dana Gas aims to build on the strong foundations of 2007,” said Hamid Jafar, the company’s executive chairman, at yesterday’s annual general meeting.

He also stressed that 2007 saw Dana Gas achieve its first revenues and operating income.

This year the company also plans to develop “gas cities” in other countries in the Middle East and North African region and is looking to acquire companies in the Gulf and North Africa.

Aside from its expected start-up operations in Iran, the UAE natural gas producer and distributor based in Sharjah will also drill 19 new wells in Egypt to increase production and take advantage of the high prices of energy.

While building upon its positions and assets in the UAE in 2007, the company also made important entries into all areas of the natural gas business in Egypt and Iraq’s Kurdistan region.

Jafa said his company has established strong positions in the UAE, Egypt and Iraq due to high oil prices and increased interest in the energy sector worldwide. These positions cover all areas of the natural gas business — from exploration and production to processing and pipeline transmission as well as gas marketing and downstream projects. Dana Gas posted revenues in excess of Dh1 billion for 2007 and had total assets grown by 59 per cent to Dh10.8 billion from the previous year.

More news from