DOCSLIB.ORG

Dana Gas and Crescent Petroleum to Increase Gas Production from Khor

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Dana Gas and Crescent Petroleum to Increase Gas Production from Khor Dana Gas and Crescent Petroleum to Increase Gas Production from Khor Mor Field by 63% within Two Years 20-year Gas Sales Agreement Signed between Pearl Petroleum and KRG Additional 250 MMscf/day in gas sales to fuel local power plants Plans underway for gas production from Khor Mor Field to reach 650 MMscf/day by 2021 and 900 MMscf/day by 2022 Total current production reaches 106,000 BOEPD For Immediate Release 6th March 2019 Pearl Petroleum Company Limited (“Pearl Petroleum”), the Consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a new 20-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government to enable production and sales of an additional 250 MMscf/day that the Consortium aims to produce by 2021 as part of their expansion plans in the Kurdistan Region of Iraq (KRI) in order to boost much needed local domestic electricity generation. Pursuant to the Settlement Agreement reached between the parties in August 2017, this new gas sales agreement was signed on 19th February 2019 by Dr. Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Government, and Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, on behalf of Pearl Petroleum. All approvals for the agreement, including by the the Kurdistan Region Council for Oil & Gas Affairs and the Board of Pearl Petroleum, have since been granted, with project work now under implementation. The Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered into agreement with the Kurdistan Regional Government (KRG) for certain exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the Kurdistan Region of Iraq (KRI). Production from the newly built plant in Khor Mor began just 15 months later, in October 2008. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each. The $700 million expansion underway at the Khor Mor plant will include the addition of two new production trains at the Khor Mor plant, as well as drilling of new wells with plans to raise production from the current 400 MMscf/day to reach 650 MMscf/day by 2021 based on this latest GSA, and then to 900 MMscf/day beyond that by 2022. This follows the 30% production increase from debottlenecking throughput at the Khor Mor 1 plant, which brought current total production to 106,000 barrels of oil equivalent per day (boepd), making it the largest regional private sector upstream gas operation in Iraq today. Gas sales commenced late in 2018 under a gas sales agreement signed in January of that year, and all payments have been received in a timely manner in full, which gives confidence for the investment and expansion plans currently underway by the Consortium. The Kurdistan Gas Project, which recently commemorated 10 years of continuous production, supplies natural gas from the Khor Mor field by pipeline to power plants in Bazian, Chemchemal and Erbil, as well as LPG and condensate, which are sold in the local markets. In August 2017, Pearl Petroleum reached a full and final settlement with the KRG of the arbitration between them, including settlement of past receivables and committing to expand their investment and operations in the region. These expansion plans include the multi-well drilling program currently underway in both the Khor Mor & Chemchemal fields, as well as installation of additional gas processing and liquids extraction facilities. The fields are operated jointly by Crescent Petroleum and Dana Gas on behalf of Pearl Petroleum. Total investment in the Kurdistan Gas Project to date exceeds $1.6 billion, with total cumulative production of over 260 million barrels of oil equivalent (boe), delivering billions of dollars in fuel cost savings and wider economic benefits for the Kurdistan Region and Iraq as a whole. That impact will continue to grow as production capacity expands in the coming years. Dr. Ashti Hawrami, Minister of Natural Resources of the Kurdistan Regional Government (KRG) said: “This agreement is an important step for us as we deliver improved services to the people of the Kurdistan Region of Iraq through enhanced electricity generation from the increase in gas production by the Consortium. The Kurdistan Region holds significant reserves of gas and the KRG is committed to playing a positive role in the growing gas and electricity needs of Iraq and the region.” Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented: “This gas sales agreement opens a new chapter in the expansion of the Kurdistan Gas Project that will see a further investment of over $700 million in coming years to expand production up to 900 MMscf/day, further fueling the Region’s economic growth and development. We look forward to developing the significant resources from these important fields, for the benefit of the Kurdistan Region and all of Iraq.” Dr. Patrick Allman-Ward, CEO of Dana Gas, added: “Dana Gas and our partners in Pearl Petroleum are particularly proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable source of cleaner energy, and supporting local economic development. The continuing receipt of payments in a timely manner gives confidence for our continued investment commitment as we enter our second decade of production.” As part of its work in the KRI, Pearl has implemented a corporate social responsibility program to support local communities, including providing school supplies, drinking 2 water treatment, generators and fuel enabling 24-hour electricity for local villages, mobile medical units, and youth sports facilities, as well as financial support for 1,000 orphans from the Chemchemal area in partnership with a local charity Foundation. These initiatives are assisting the local communities in improving their standard of living, health, well-being, security and stability and the development of human capital. **** About Dana Gas Dana Gas is the Middle East's first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves of approximately one billion boe and average production of 63,050 boepd in 2018. With sizeable assets in Egypt, KRI and the UAE, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: www.danagas.com Communications & Investor Relations Contact Mohammed Mubaideen Head of Investor Relations +971 6 519 4401 [email protected] About Crescent Petroleum: Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with over 48 years of experience as an international operator in numerous countries including Egypt, Yemen, Canada, Tunisia, and Argentina, in addition to its continuing operations in the United Arab Emirates and Iraq. Headquartered in Sharjah in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq, as well as affiliated offices in Egypt and Bahrain. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East’s first and largest regional private- sector natural gas company. www.crescentpetroleum.com Communications Contact Hassan M. Fattah [email protected] 3 .
Load more

Recommended publications
  • World Economic Forum on the Middle East and North Africa Advancing Conditions for Growth and Resilience
    Regional Agenda World Economic Forum on the Middle East and North Africa Advancing Conditions for Growth and Resilience Dead Sea, Jordan 24-26 May 2013 © World Economic Forum 2013 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum. REF 280513 Contents Preface 3 Preface At a time of profound societal shifts, renewed efforts to overcome long-standing fault lines, and the acute Syria crisis, the 2013 4 News from the Dead Sea World Economic Forum on the Middle East and North Africa at 6 New Partnerships for Arab the Dead Sea in Jordan provided business, government and civil society leaders, an opportunity to gain insight on pivotal trends and Employment, Entrepreneurship catalyse common action on the most pressing regional issues. and Infrastructure 14 Strengthening Economic Convening under the theme Advancing Conditions for Growth and Governance Resilience, the meeting brought together over 1,000 key leaders, representing diverse economic, political, social and religious 22 Advancing Regional outlooks to harness the region’s potential and focus on resolving its Cooperation and Resilience biggest challenges. The region’s transformations have by no means Miroslav Dusek come to an end. However, the region has all the ingredients for 32 Acknowledgements Director success: a youthful population eager to contribute to the region’s Head of Middle East 33 Further Information economy, large energy endowments and some of the fastest- and North Africa growing economies globally.
    [Show full text]
  • Crescent Enterprises E Newsletter July 2014
    Operating across multiple core sectors of the global economy Monthly News OPERATIONAL NEWS - SPOTLIGHT - CORPORATE CITIZENSHIP- CORPORATE INSIGHT Issue 2: July 2014 OPERATIONAL NEWS GULFTAINER - GAMA AVIATION - CLINICAL PATHOLOGY SERVICES - TVM CAPITAL - ABRAAJ GROUP - CE VENTURES GULFTAINER ENTERS USA WITH ‘PROJECT PELICAN’ “Awarded 35-year Concession on Port Canaveral’s Terminal” June 26, 2014, marked yet another achievement in Gulftainer’s strategic expansion across the globe, with the completion of its two year venture known as “Project Pelican,” a 35-year cargo operating deal with the Port Canaveral in Florida. Through its new partnership Gulftainer will operate and further develop the container and multi-purpose cargo terminal, set to commence operations in the fourth quarter of 2014. Over 700,000 containers will eventually be handled each year from the port, complementing Gulftainer’s efforts to triple its business volumes worldwide by 2020, with more than 10,000 vessel calls each year handling a total of 18 million containers. Gulftainer will also strengthen the terminal through a $100 million investment in infrastructure, equipment and locally-sourced human capital. Not only is the new container and cargo terminal expected to generate $280 million of revenue to Port Canaveral, but it will also contribute more than $630 million to Florida’s economy and generate more than $350 million in tax contributions. Port authorities also announced at the official signing ceremony in Florida, that the new relationship will generate 2,000 direct and spinoff jobs once fully operational, which also includes 500 at the port itself. The container operation at Port Canaveral is Gulftainer’s first in the United States.
    [Show full text]
  • “What Could Possibly Go Wrong?”
    “WHAT COULD POSSIBLY GO WRONG?” SECRET DEAL ALLOWS COMPANY TIED TO SADDAM’S NUCLEAR BOMBMAKER, IRAN AND U.A.E. TO MANAGE KEY FLORIDA PORT FACILITIES An Occasional Paper of the Center for Security Policy By: Alan Jones and Mary Fanning 23 December 2016 1 Gulftainer’s Port Canaveral cargo container terminal (left), Saddam Hussein awarding a medal to Iraqi nuclear physicist Dr. Jafar Dhia Jafar, considered the “father of Iraq’s nuclear weapons program” (right) In 2015 President Barack Obama’s Administration quietly approved the hand-over of cargo container operations at Florida’s Port Canaveral to Gulftainer, a Middle Eastern ports company owned by the Emir of Sharjah of the United Arab Emirates (UAE) and Iraqi businessman Hamid Dhia Jafar. Hamid Jafar is the brother and the business partner of Dr. Jafar Dhia Jafar -- the Baghdad-born nuclear physicist who masterminded Saddam Hussein’s nuclear weapons program. UAE-based port operator Gulftainer, a subsidiary of The Crescent Group, was awarded the 35- year no-bid lease at Port Canaveral in 2014 following two years of secret talks in a deal code-named “Project Pelican.” Treasury Secretary Jacob “Jack” Lew declined1 to conduct a Committee on Foreign Investment (CFIUS) National Security Threat Analysis that, under the Foreign Investment & National Security Act of 2007 (FINSA), is required for transactions affecting America’s critical infrastructure and U.S. national security. Port Canaveral is in close proximity to a U.S. Navy nuclear submarine base, two U.S. Air Force Space Command bases, and NASA’s Kennedy Space Center. Gulftainer has port operations in the UAE, Iraq, Saudi Arabia, Lebanon, Pakistan, Turkey, Brazil, and Russia.
    [Show full text]
  • Chatham House Corporate Members
    CHATHAM HOUSE CORPORATE MEMBERS Partners AIG Intesa Sanpaolo S.p.a. Asfari Foundation JETRO London Bill & Melinda Gates Foundation Leonardo S.p.a BP plc MAVA Foundation Carnegie Corporation of New York Ministry of Defence, UK Chevron Ltd Nippon Foundation Clifford Chance LLP Open Society Foundations Crescent Petroleum Robert Bosch Stiftung Department for International Development, UK Royal Dutch Shell European Commission Statoil ExxonMobil Corporation Stavros Niarchos Foundation Foreign & Commonwealth Office, UK Major Corporate Members AIA Group KPMG LLP Anadarko Kuwait Petroleum Corporation BAE Systems plc LetterOne Bank of America Merrill Lynch Liberty Global BV Barclays Linklaters Bayer Lockheed Martin UK BBC Makuria Investment Management BHP Mitsubishi Corporation Bloomberg Morgan Stanley BNP Paribas MS Amlin British Army Nomura International plc Brown Advisory Norinchukin Bank BT Group plc PricewaterhouseCoopers Caxton Asset Management Rabobank Casey Family Programs Rio Tinto plc Citi Royal Bank of Scotland City of London S&P Global CLP Holdings Limited Santander Control Risks Saudi Center for International and Strategic Partnerships Credit Suisse Saudi Petroleum Overseas Ltd Deloitte Schlumberger Limited Department for International Trade, UK Société Générale Depository Trust & Clearing Corporation (DTCC), The Standard Chartered Bank Diageo Stroz Friedberg Eni S.p.A. Sumitomo Corporation Freshfields Bruckhaus Deringer Telstra Gardaworld The Economist GlaxoSmithKline Thomson Reuters Goldman Sachs International Toshiba Corporation
    [Show full text]
  • Youth Employment in Arab Resource-Endowed Economies
    Regional Agenda A New Vision for Arab Employment Youth Employment in Arab Resource-Endowed Economies Project Update First Quarter, 2014 Contents 3 Introduction 4 Dynamics and Vulnerabilities of the Current Employment System 9 Insights from the Session at the World Economic Forum Annual Meeting 2014 9 Next Steps 10 Annex: Acknowledgements © World Economic Forum 2014 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum. REF 200614 2 A New Vision for Arab Employment Introduction In light of the long-term economic aspirations of the Arab world as well as the current social context, addressing the employment challenge is at the top of policy and business agendas. Generating economic opportunities for the youth is a particularly high-stake issue, with Middle East and North Africa recording the world’s highest youth unemployment rate at 27%. There is a clear need to develop action-oriented partnerships that will deliver job opportunities in the quantity and quality and at the pace necessary to address the urgency of the challenge. This requires an extraordinary increase in collaboration, innovation and commitment. Initiated by the World Economic Forum and its Middle East and North Africa Business Council in May Hala Hanna 2013, the New Vision for Arab Employment initiative provides a neutral platform to facilitate these Senior Programme Manager and Global partnerships.
    [Show full text]
  • World Economic Forum Special Meeting on Unlocking Resources for Regional Development
    Regional Agenda World Economic Forum Special Meeting on Unlocking Resources for Regional Development Istanbul, Turkey 28-29 September 2014 Contents 3 Preface 4 Meet the Programme Champions 6 Peace, Stability and Security as Preconditions for Regional Development 10 Building Entrepreneurial and Inclusive Economies 14 Infrastructure as a Platform for Growth 20 Shifting Energy Dynamics 26 The Future of the Region and Turkey’s Forthcoming G20 Chairmanship 30 Conclusion 32 Acknowledgements 33 Further Information 34 Upcoming Meetings © World Economic Forum 2014 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum. REF 131014 Preface While geopolitical instability is members of cabinet, enabled many threatening peace and security discussions over the role of regional and dominating many agendas leadership and the opportunity across Europe, the Middle East for businesses and civil society to and North Africa (MENA), and positively contribute to the region’s Eurasia, government, business and shared future. civil society leaders cannot risk losing sight of the ultimate goals Istanbul, as a hub for the global of ensuring economic growth and business community and a providing sustainable prosperity for geographical and cultural nexus for all. Achieving these goals requires Europe, MENA and Eurasia, provided concerted and coordinated action an ideal venue for participants to Nicholas Davis from all stakeholder groups, to explore how all three regions can Director manage shared risks and to better unlock resources for development Head of Europe, understand, adapt to and shape and harness the entrepreneurial spirit World Economic Forum national and regional transformations.
    [Show full text]
  • Annual Report 2018
    Dana Gas PJSC Annual Report & Accounts 2018 & Accounts Annual Report Ambitious growth plans follow exceptional year Dana Gas PJSC Annual Report & Accounts 2018 Contents Overview Financial Statements 1 Highlights 58 Independent Auditor’s Report to the 2 Dana Gas at a Glance Shareholders of Dana Gas PJSC 62 Consolidated Income Statement Business Review 63 Consolidated Statement of Other 4 Chairman’s Statement Comprehensive Income 8 CEO Message 64 Consolidated Statement of 12 Board of Directors Financial Position 16 International Advisory Board 65 Consolidated Statement of 18 Management Cash Flows 20 Market Overview 66 Consolidated Statement of 22 Operational Review Changes in Equity 32 Financial Review 2018 67 Notes to the Consolidated 38 HSSE Financial Statements 42 Risk Management 46 Corporate Governance 50 Our People 52 Corporate Social Responsibility 04 22 Chairman’s Operational Statement Review 2018 was an exceptional Balancing investments year for the Company against collections 32 08 Financial CEO Message Review 2018 A year of positive Maintaining a healthy change and conclusions cash balance for Dana Gas Overview Overview Business Review Financial Statements Highlights Gross revenue (million US$) EBITDA (million US$) US$2017: US$450mm470mm US$2017: US$334mm230mm 2018 470 2018 230 2017 450 2017 334 2016 392 2016 207 Net profit (million US$) Cash balance (million US$) US$2017: US$83mm64mm US$2017: US$608mm407mm 2018* 64 2018 407 2017 83 2017 608 2016 (88) 2016 302 *Profit excluding one-off non-cash impairment of US$250mm Production (kboed) 2P reserves (mmboe) kboepd mmboe 63.12017: 67.6 kboepd 1,0792017: 1,132 mmboe 2018 63.1 2018 1,079 2017 67.6 2017 1,132 2016 67.1 2016 1,155 Dana Gas is the Middle East’s first and largest regional private sector natural gas company.
    [Show full text]
  • Kurdistan Projects in Picture
    Projects in Kurdistan Region, Iraq Benefiting the People Crescent Petroleum in the Kurdistan Region of Iraq Overview of the Kurdistan Region 04 5 Geography 04 Politics 05 People 06 Economy 07 Climate 08 Resources 09 Crescent Petroleum 10 Partner of Choice 10 Crescent Petroleum in the Kurdistan Region 12 Early days of the Project 14 10 De-mining 15 28 Seismic 17 Setting up Camps 23 Testing Wells 26 Drilling New Wells 27 Gas Pipeline Construction 28 Initial Gas Production 33 Constructing World-Class Facilities 34 Health Safety Environment (HSE) Matters 38 38 Benefiting the People of the Kurdistan Region 42 Crescent Petroleum’s Commitment to Community 44 Crescent Petroleum’s Offices in Iraq 46 43 OverviewOverview ofof TheThe KurdistanKurdistan RegionRegion Geography The Kurdistan Region is a mountainous area with many rivers and fertile slopes located in northern Iraq where its border meets Iran from the east, Turkey from the north, and Syria from the west. 4 Politics Iraq’s Kurdistan Region is a constitutionally autonomous region with its own distinct local government (Kurdistan Regional Government - KRG) and parliament; both seated in the capital city of Erbil, one of the world’s longest continuously inhabited cities. 5 People Kurdistan is a Latin word that means the land of Kurds. Kurds form the majority of the population, with Arabs, Armenians, Assyrians, Azeris, Persians and Turks representation in the Region. The predominant religion is Islam, however Christians and Jews are also found in the Region. Approximately 4 million people currently constitute the population of the Region. 6 Economy The local economy was traditionally dominated by animal husbandry and small agriculture projects, while the recent political stability has yielded an increase in cross- border trading, especially building materials, consumables and petroleum products, resulting in rapid economic growth in the whole Region, especially near the border areas.
    [Show full text]
  • World Economic Forum on the Middle East and North Africa Overview
    Regional Agenda World Economic Forum on the Middle East and North Africa Overview Dead Sea, Jordan 19-21 May 2017 Enabling a Generational Co-Chairs Transformation Dominic Barton, Global Managing Partner, McKinsey & Company, United Kingdom Background Khaled H. Biyari, Chief Executive Officer, Saudi Telecom, The transformation of the Middle East and North Africa Saudi Arabia region has never been as fast and complex as it is today. Pressure on government revenues, continued geopolitical Børge Brende, Minister of Foreign Affairs of Norway shifts and humanitarian challenges are leading policy- makers to rethink youth empowerment in the region, Philippe Le Houérou, Executive Vice-President and diversify away from oil dependence and address their Chief Executive Officer, International Finance Corporation, response to the growing refugee crisis. The Fourth Industrial Washington DC Revolution and the reform momentum in many countries in the region are creating a unique opportunity for business, Majid Jafar, Chief Executive Officer, Crescent Petroleum, civil society and government to jointly boost inclusive and United Arab Emirates; Young Global Leader sustainable development. Khadija Idrissi Janati, Founder and Chief Executive Officer, Given Jordan’s central role in the region, the World KMK Group, Morocco; Young Global Leader Economic Forum on the Middle East and North Africa will convene more than 1,000 key leaders from government, Maurice Lévy, Chairman and Chief Executive Officer, business and civil society at the Dead Sea to support a Publicis Groupe, France comprehensive and progressive vision for prosperity and peace. With the full support and presence of Their Majesties Arif Naqvi, Founder and Group Chief Executive, Abraaj King Abdullah II and Queen Rania Al Abdullah, the meeting Group, United Arab Emirates will provide a collaborative platform for addressing multi- generational challenges and unlocking new opportunities Ursula von der Leyen, Federal Minister of Defence of for inclusive growth, social modernization, and technology Germany enabled progress.
    [Show full text]
  • Public Event on Iraq's Political and Energy Outlook Speaker Bios
    IRAQ INITIATIVE Public Event on Iraq’s Political and Energy Outlook Friday, November 1, 2019 9:00 – 10:30 a.m. Atlantic Council, 1030 15th St NW, 12th floor Speaker Bios Ambassador Rend al-Rahim Co-founder and President, Iraq Foundation Rend al-Rahim is co-founder and president of the Iraq Foundation, a non-profit organization committed to the support and promotion of democracy, human rights and civil society in Iraq. From 2003 to 2004, she served as Iraq’s ambassador to the United States. In 2007, Ambassador al-Rahim was awarded a Jennings Randolph Senior Fellowship at the United States Institute for Peace. Ambassador al-Rahim is the co-author with Graham Fuller of The Arab Shia: Forgotten Muslims. She currently serves on the Advisory Committee of the Atlantic Council’s Iraq Initiative. Ambassador al-Rahim was educated in Iraq, the United Kingdom, and France. She holds a BA and MA from the University of Cambridge and an MA from the University of the Sorbonne. Mr. Joey Hood Principal Deputy Assistant Secretary, Bureau of Near Eastern Affairs, US Department of State Joey Hood is the Principal Deputy Assistant Secretary of State for Near Eastern Affairs. Mr. Hood has spent much of his career working in the Middle East, and particularly on the Arabian Peninsula. He has served as Deputy Chief of Mission in Iraq and in Kuwait, as well as Consul General and Principal Officer in Dhahran, Saudi Arabia. Prior to these assignments, Mr. Hood was Acting Director of the Office of Iranian Affairs at the US Department of State.
    [Show full text]
  • Gas Project in Kurdistan Region of Iraq Socio Economic Benefits Report
    Dana Gas and Crescent Petroleum Gas Project in Kurdistan Region of Iraq Socio Economic Benefits Report Investment of c.$1.1bn Downstream economic impact assessed to be $9.6bn $15.5bn www.pwc.com Executive summary PwC has been commissioned by Dana Gas and Crescent Petroleum to undertake an assessment of the societal benefits generated by their investment in the Dana Gas and Crescent Petroleum Gas Project (“DGCP Project”) in the Kurdistan Region of Iraq (“KRI”). The Kurdistan Regional Government (KRG) gave prominence to the development of Petroleum in the KRI and the Dana Gas and Crescent Petroleum Gas Project represents a major contribution towards the development of KRI’s gas extraction, production and transmission infrastructure in order that a high proportion of the country’s energy requirements can be met by affordable natural gas. Given this context, the Dana Gas and Crescent Petroleum Gas Project has and will continue to make a substantial contribution towards KRI’s economic and social development, and help KRG meet its strategic policy and development priorities at the regional, national and international levels. This report represents the assessment findings as of December 2014. Contributing to the overall development of the Kurdistan Region of Iraq 1 Dana Gas PJSC and Crescent Petroleum Gas Project in the Kurdistan Region of Iraq DGCP Project Total Investment to date Investment of c.$1.1bn Electricity and GDP Electricity GDP Increased availability of electricity from 8 hours to 22 hours within KRI (while other parts of Iraq continue to lack adequate supply of power) fuelled additional private sector investment in the KRI of over $30bn with resulting significant GDP growth.
    [Show full text]
  • List of Participants As of 7 April 2014
    World Economic Forum on the Middle East and North Africa List of Participants As of 7 April 2014 Dead Sea, Jordan, 24-26 May 2013 Mhammed Abbad Founder Al Jisr Morocco Andaloussi Mahmoud Abbas President of the Palestinian National Authority; Chairman of the Palestinian Liberation Organization Executive Committee Mohamed Hisham Minister of Tourism of Egypt Abbas Zaazou Ali Abbasov Minister of Communication and Information Technologies of Azerbaijan Gus Abboud Region Manager, Discrete Automation ABB United Arab Emirates and Motion Waleed Abd El General Manager Red Sea World Egypt Rahman Hassan El-Sayed Chief Executive Officer Arab African International Egypt Hassan Abdalla Bank Nouf Al Abdul General Manager, Kuwait and Qatar BP Kuwait Ltd Kuwait Razzaq Abdullah II Ibn Al King of the Hashemite Kingdom of Hussein Jordan Hend Abdulwahed Officer, Public Relations LAP GreenN Libya Sami Abi Esber President MDS UAE (Holding) United Arab Emirates Jihad Abi Saleh Chief Executive Officer and President MDS East Gulf Qatar Khaled Abou Zahr Chief Executive Officer and Eurabia Media Corporation United Arab Emirates Editor-in-Chief Hamza Aboulfeth Chief Executive Officer Genious Communications Morocco Rayd Abu Ayyash Acting Chief Executive Officer Capital Invest Jordan Ayman Abu Dhaim Vice-Chairman National Bank of Iraq Iraq Ahmad Abu Eideh Chief Executive Officer Standard Chartered Jordan Reem Abu Hassan Minister of Social Development of the Hashemite Kingdom of Jordan Rami Abu Omar Chief Executive Officer Jordan Egypt Company Jordan Rami Abu Shaqra Chief
    [Show full text]