Dana Gas posts AED 812 million income for first year
Posted: 05 February 2007
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Dana Gas, the Middle East 's first regional private-sector natural gas company, has posted preliminary results for its first annual reporting period of AED 812 million of net income, equating to 14 fils per share.
 Total assets stood at AED 6.84 billion. The company has been undergoing an aggressive growth strategy throughout the region, including acquisitions and new project development, with the aim of establishing itself as a truly integrated natural gas company across the Middle East and North Africa
“It has been an active first year for the company, with several important achievements. Dana Gas was established in the UAE as a truly regional company with a solid and experienced management team, offices in the Gulf, North Africa, Europe, and North America with access to over 150 highly skilled professionals, and with business activities across the region and in all sectors of the rapidly growing natural gas industry,” said Rashid Saif Al-Jarwan, General Manager of Dana Gas.
In addition to working on implementation of existing projects in the UAE, in 2006 Dana Gas acquired Centurion Energy for US $950 million, which was completed on 8th January 2007 , marking its strategic entry into exploration and production.
The achievement places Dana Gas among the top seven gas producers in Egypt , providing it with reserves approaching 100 million barrels of oil equivalent (BOE) and further exploration potential of 26,300 square kilometers.
In addition, the company entered into a joint venture with Emarat to build, own and operate a 48-inch common-user gas pipeline with capacity of one billion cubic feet per day, to serve customers in the UAE; and completing a Bahraini acquisition to lead a consortium for development of the Gulf of Suez Gas Liquids Plant in partnership with the state-owned Egyptian Natural Gas Holding Company, EGAS, with processing capacity of 150 million cubic feet per day of natural gas and production of approximately 120,000 metric tones per year of propane and butane in liquid form.
The year also saw Dana Gas enter into strategic alliances with companies from the region and internationally, including an alliance with Single Buoy Mooring (SBM) to develop a network of floating LNG receiving terminals, starting with a $200 million project in Pakistan.
“The milestones achieved are attributed to the hard work of the management team and Board Members over the past year, and the support and relationships of the Company’s Founders and shareholders across the Region,” added Rashid Al-Jarwan. “In the first year of establishment of Dana Gas we are proud to have laid solid foundations for the company’s participation in virtually all facets of the gas business ranging from upstream exploration and development, transmission, gas processing and delivery to end users in the region. Looking ahead to the coming year and beyond, we are excited about taking further steps to generate long-term growth and value to our shareholders as we strive to serve the economies of the Region.”
Dana Gas has been pursuing expansion plans across the Middle East and North Africa (MENA) region into all elements of the natural gas value-chain, including upstream exploration and production; through the midstream transmission and distribution of gas including LNG trading; and downstream into gas-related industries and petrochemicals. |
