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Tuesday, May 20, 2008

Gulf firm plans major energy investments in Iraq, Egypt, UAE

ABU DHABI — A leading United Arab Emirates firm plans to invest more than $500 million in Middle East energy projects.

The Dubai-based Dana Gas said it would invest more than $500 million in northern Iraq, Egypt and the UAE during 2008. The company, which reported about $300 million in revenues in 2007, has raised $1 billion as part of efforts to acquire crude oil and natural gas projects in Egypt and Iraq's Kurdistan.

"This year is important for the company, as we will be building upon the important milestones and solid foundations achieved last year, and making major investments that will rapidly take Dana Gas to a new level in its growth and development," Dana Gas executive director Ahmed Al Arbeed said.

Also In This Edition

In Kurdistan, Dana has a joint venture with the UAE's Crescent Petroleum for a $650 million gas pipeline, said to be more than 80 percent complete.

In the UAE, Dana plans to explore and develop gas in an area of more than 1,000 square kilometers off the coast of Sharjah.

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