Monday, April 16, 2007
Dana Gas signs agreement with Kurdish government
Kurdistan, Business
(Asharq Al-Awsat) - Dana Gas, the Middle East’s first regional private-sector natural gas company, announced that it has concluded important agreements, including a Strategic Alliance Protocol, with the Kurdistan Regional Government of Iraq. These agreements form part of a strategy to advance the considerable economic benefits available to the region through the successful development of its substantial gas resources.
The agreements were signed in Erbil by Nechirvan Barzani, the Prime Minister of the Kurdistan Regional Government, and Hamid Dhiya Jafar, Executive Chairman of Dana Gas, in a ceremony that was attended by several KRG officials, as well as by several Members of the Board of Directors of Dana Gas, and Directors of Crescent Petroleum.
Under the terms of the Strategic Alliance Protocol, the Kurdistan Regional Government, Dana Gas, and its affiliate Crescent Petroleum will jointly review the natural gas resources in the Kurdistan Region of Iraq with a view to the optimization, development and utilization of that substantial resource.
As part of the Strategic Alliance Protocol, the “Kurdistan Gas City” project was launched. This is a major new gas-utilization industrial complex designed to promote private sector investment in a variety of gas-related industries for optimal use of the region’s natural gas resources. These will further benefit the country’s citizens through training, job creation, and the promotion of general economic activity.
In addition, Dana Gas was appointed on a service contract basis to develop, process and transport natural gas from the Khor Mor Gas Field on a fast-track basis, and to also concurrently appraise the potential of the Chemchemal Gas Field, in order to provide urgently-needed natural gas supplies to fuel domestic electrical power generation plants currently under construction near Erbil and Suleymania, by January 2008. For this purpose, Dana Gas will be diverting a state-of-the-art gas processing plant currently nearing completion which it had previously acquired for another project, in order to circumvent the typical 2-year lead time required for a new construction.
The agreements were signed in Erbil by Nechirvan Barzani, the Prime Minister of the Kurdistan Regional Government, and Hamid Dhiya Jafar, Executive Chairman of Dana Gas, in a ceremony that was attended by several KRG officials, as well as by several Members of the Board of Directors of Dana Gas, and Directors of Crescent Petroleum.
Under the terms of the Strategic Alliance Protocol, the Kurdistan Regional Government, Dana Gas, and its affiliate Crescent Petroleum will jointly review the natural gas resources in the Kurdistan Region of Iraq with a view to the optimization, development and utilization of that substantial resource.
As part of the Strategic Alliance Protocol, the “Kurdistan Gas City” project was launched. This is a major new gas-utilization industrial complex designed to promote private sector investment in a variety of gas-related industries for optimal use of the region’s natural gas resources. These will further benefit the country’s citizens through training, job creation, and the promotion of general economic activity.
In addition, Dana Gas was appointed on a service contract basis to develop, process and transport natural gas from the Khor Mor Gas Field on a fast-track basis, and to also concurrently appraise the potential of the Chemchemal Gas Field, in order to provide urgently-needed natural gas supplies to fuel domestic electrical power generation plants currently under construction near Erbil and Suleymania, by January 2008. For this purpose, Dana Gas will be diverting a state-of-the-art gas processing plant currently nearing completion which it had previously acquired for another project, in order to circumvent the typical 2-year lead time required for a new construction.
Labels: Chemchemal Gas Field, Crescent Petroleum, Dana gas, Hamid Dhiya Jafar, Khor Mor Gas Field, KRG, Kurdistan Regional Government, Nechervan Barzani
