25 February 2008 07:48 [Source: ICIS news]
MUMBAI (ICIS news)--Dana Gas said on Monday it signed a memorandum of understanding (MoU) with Kuwaiti investment firm Ikarus Petroleum to cooperate on gas, petrochemicals and downstream projects in the Middle East and north Africa.
The MoU will focus specifically on petrochemicals and downstream projects at several locations across the region, the company based in the United Arab Emirates (UAE) said in a statement on its website.
Dana, the sixth largest natural gas producer in Egypt, also operates in the UAE and Iraq’s Kurdistan region.
"Through this MoU, we are laying the groundwork for further cooperation between Dana Gas and Ikarus, as well as other companies in the future," Rashid Saif Al Jarwan general manager Dana Gas said.
As part of the MoU, Dana Gas and Ikarus have agreed to discuss and list projects that may be of mutual interest and that are consistent with each company’s strategic objectives, the company said.
"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," Suhail Abograis, CEO of Ikarus, added.Ikarus Petroleum is parented by three Kuwaiti companies; National Industries for Building Materials, Noor Financial Investment Co and Markaz Energy Fund as major shareholders.
Ikarus’ investment portfolio consist of Saudi International Petrochemical Co (Sipchem), which is engaged in the production and marketing of petrochemicals, as well as the National Industrialisation Co (Tasnee), which is engaged in the operation of propane dehydrogenation and polypropylene (PP) projects.
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