Monday 09, July 2018 by Kudakwashe

Dana Gas receives AED 161 million in total dividends from Kurdistan operations

 

The dividends includes AED 52 million for the month of June.

  

Sharjah-based Dana Gas has announced that it received AED 161 million in dividends from Kurdistan Region of Iraq (KRI) operations in H1 2018.

In an announcement to the Dubai Financial Market, Dana Gas said that it received the dividends from Pearl Petroleum Company Limited for condensate and LPG sales in the Kurdistan Region of Iraq (KRI).

Dana Gas holds a 35 per cent stake in Peral Petroleum Company and is also a joint operator.

The region’s largest natural gas producer’s net share of production in the KRI averaged 26,100 barrels per day during the first half of 2018, a slight increase from the first half of 2017’s output of 25,900 barrels per day.

The company announced that its debottlenecking project of the current production facilities is underway, the project remains on track and is expected to deliver an increase in output with 25 per cent in Q3 2018.

Also, Dana Gas signed a 10-year gas sales agreement with the KRI to supply and sell additional quantities of gas from the project and a third-party financing of $25.9 million for the project has been secured.

Plans are underway to increase Pearl Petroleum’s production by 170 per cent by 2021.

Dana, which has been embroiled in a $700 million Sukuk dispute, last month secured the approval of the majority of its shareholders to move ahead with a Sukuk-restructuring programme.

  

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