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FINANCIAL NEWS
Dana, Crescent to increase output capacity in Iraq’s Kurdistan
06 Oct 2010
(MENAFN) Two UAE energy companies, Dana Gas and Crescent Petroleum, producing natural gas in Iraq?s northern Kurdish region, said that they are anticipating boosting the output capacity there by 50 percent within 2012, Arab News reported.
The two companies said that they are capable of pumping 200 million cubic feet of gas per day, and that the level should rise to 300 million cubic feet daily within the coming two years.
Current production is used to power two electric plants in the self-ruled Kurdish region.
The companies, based in Sharjah, began producing gas in Iraq in 2008. In 2009 they signed an $8 billion deal with Austria?s OMV and Hungary?s MOL in order to export gas from the region.
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