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FINANCIAL NEWS
Dana Gas wins contract to develop Sharjah-Ajman gas field
24 Nov 2012
(MENAFN) Sharjah-based gas explorer Dana Gas has won a contract from the governments of Sharjah and Ajman to develop a gas field off the two emirates’ coasts with production expected to start in the first half of 2014, Reuters reported.
The company said the gas produced will be allocated for power generation in the two northern emirates, which suffered from summer power shortages in recent years.
Dana will be developing joint gas field, in addition to be responsible for the installation of an offshore platform to process gas, a 25 km subsea pipeline, and gas sales deals.
Dana is in the midst of restructuring a USD920-million sukuk, after it failed to meet the payment upon maturity last month.
The natural gas producer earlier this month it had reached an agreement in principle with creditors on restructuring the sukuk, and would pay holders a mix of cash and two new bonds. The new bonds would be a sukuk and a convertible sukuk.
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