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Joint venture signs Gas City deal with Yemen

Sharjah, September 9, 2009

Gascities Ltd, a joint venture established by Dana Gas and Crescent Petroleum, has reached an agreement with the Yemeni government to study the development of its proprietary Gas City concept in Yemen.

The Gas City concept involves developing a sustainable industrial city based on primary gas processing industries in tandem with clustered, high employment industries supported by a commercial services sector. It is intended to provide an attractive residential and amenity quarter, as well as a strong set of educational facilities to support industry and business development within the city, a statement said.

The signing ceremony took place at the office of the Yemeni Prime Minister Ali Mohammed Mujur, who expressed his optimism regarding the success of such innovative concepts.

Also present at the ceremony were Amir Salem Al-Aydaros, Yemen's Minister of Oil and Minerals, Awadh Al-Suqatri, Minister of Electricity and Energy and Abdul Kareem Al-Arhabi, Minister of Planning & International Co-operation.

Badr Jafar, chairman of Gascities, said: "The proposed Yemen Gas City will help provide a focus for the Yemeni government's plans to make optimal use of Yemen's increasing natural gas reserves by achieving maximum value generation through use in power generation and local industry, such as cement and steel industries as well as industrial clusters promoting agribusinesses, food processing, construction materials, and plastics processing."

Badr Jafar explained that Phase 1 of the project would be a comprehensive analysis, where Gascities, along with its joint venture partners Dana Gas and Crescent Petroluem, will work with the Yemeni government to establish a viable feedstock profile and finalise the optimal location for the new gas-based industrial city.

Badr Jafar said: "At this point it is envisioned that Yemen Gas City will comprise a chemistry park containing methanol and fertiliser factories; a utilities hub that will make the project completely self-sufficient for all utilities, and will provide additional power that can be utilised by the Yemen National Electricity Grid; industrial clusters with a supporting services sector, and residential and municipal developments."

Gascities is currently working on establishing a number of Gas Cities throughout the Middle East, North Africa and South Asia (MENASA) region, with the common principle of maximising the economic benefit of locally-produced natural gas through generating mass local industry, jobs and foreign direct investment, the statement said. - TradeArabia News Service




Tags: yemen | Crescent | Dana | gas city |

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