Abu Dhabi – Mubasher: Dana Gas is considering financing methods, including green bonds, to collect about $500 million to achieve its objective of more than doubling its production capacity, the CEO of Dana Gas, Patrick Allman-Ward, told Reuters.
The company seeks to increase its capacity in the Kurdistan Region of Iraq (KRI) to 900 million standard cubic feet per day (mmscfd) with two processing trains of 250 mmscfd each.
The first train is forecast to be completed in the first half (H1) of 2023, while the second train would be finalised towards 2024.
Allman-Ward confirmed that Dana Gas would turn to profitability in 2021.
It is noteworthy to mention that in 2020, the company registered net losses after tax of AED 1.4 billion, against net profits of AED 575 million in 2019, due to impairments of AED 1.5 billion on the sale of Dana Gas Egypt onshore assets.
