Dana Gas signs MoU with Ikarus
Sharjah, February 24, 2008
Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has signed a Memorandum of Understanding (MoU) with Ikarus Petroleum Industries, a major Kuwaiti established company with ownership in several petrochemical ventures in the GCC states.
The MoU was signed last week by general manager of Dana Gas Rashid Saif Al Jarwan and CEO of Ikarus Petroleum Suhail Abograis. The two companies will cooperate on gas projects in the Middle East and North Africa.
Dana Gas brings to the table its many assets and projects in gas exploration and production, as well as processing, transportation and marketing in several countries, including Egypt, UAE and Iraq’s Kurdistan Region.
The MoU will focus specifically on petrochemicals and downstream projects, including in Dana Gas Cities under development at several locations across the region. The Dana Gas City proprietary concept involves developing local gas-based industries, encompassing integrated community-optimizing natural gas utilisation.
Ikarus Petroleum, parented by three Kuwaiti Companies; National Industries for Building Materials, Noor Financial Investment Company, and Markaz Energy Fund as major shareholders.
Ikarus’s investment portfolio consist of Saudi International Petrochemical Company (Sipchem), which is engaged in the production and marketing of petrochemicals products, as well as of National Industrialisation Co. (Tasnee), which is engaged in the operation of propane dehydrogenation and polypropylene projects.
“Dana Gas and Ikarus are committed to developing the gas industry throughout the Menasa region, and what better way to accomplish this goal than to align our two companies and share knowledge and resources. Through this MoU, we are laying the groundwork for further cooperation between Dana Gas and Ikarus, as well as other companies in the future,” said Al Jarwa.
As part of the MoU, Dana Gas and Ikarus have agreed to discuss and list any and all projects that may be of mutual interest and that are consistent with each company’s strategic objectives. They have also undertaken to fully cooperate and coordinate in studying, assessing and negotiating projects and engaging technical and financial consultants, and to cooperate in conducting feasibility studies for any project.
“Both Dana Gas and Ikarus recognise the potential mutual business advantage to be gained from sharing knowledge and resources, and on this basis we have decided to cooperate on projects relating to the gas industry in the Middle East and North Africa region,” said Abograis. – TradeArabia News Service