Baghdad, “Dana Gas” agreed to sell its oil and gas fields in Egypt for an amount of $ 236 million, which would enable it to pay off debts related to the bonds due this month and to expand its production in the Kurdistan region.
The UAE-based company said in a statement today that it will receive $ 153 million in cash and up to $ 83 million in emergency payments for the sale of IPR Energy Group. “.
CEO Patrick Allman said in the statement: “The Egyptian deal allows DANA Gas to focus on expanding production in northern Iraq, and thus Iraq will become the company’s main operations area.”
“DANA Gas” is the largest and first regional private sector company operating in the field of natural gas in the Middle East region. It was established in 2005 by 300 prominent founders from around the Gulf Cooperation Council countries, and the company’s shares were listed on the Abu Dhabi Stock Exchange. It is headquartered in the Emirate of Sharjah, United Arab Emirates, and has a network of offices in the Kingdom of Saudi Arabia, the Kurdistan region, Egypt and the United Kingdom.
The company produces the equivalent of 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan region.
Source: National Iraqi News Agency