UAE's Dana Gas plans $500m Egypt, Iraq investment

Published Monday, January 28, 2008

By Agencies

Abu Dhabi-listed Dana Gas said it will invest about $500 million in Egypt and Iraq's Kurdish province this year to boost output, and that it was looking to enter Algeria.

Egyptian gas output would hold steady this year at a minimum 30,000 barrels of oil equivalent, Finance Director Neeraj Agrawal said in an interview in his office in Sharjah, UAE.

"In 2008, we are investing about $200 million in Egypt projects, including upstream and downstream," Agrawal said. The company would invest about $500 million in Egypt and Kurdistan combined, he said.

"We should expect to maintain at least 30,000 boepd in 2008 and we should see the fruits in 2009," Agrawal said about Egyptian operations. (Reuters)

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