Middle East Natural Gas Firm, DANAGAS, Reports Strong Growth

Press Release
Tuesday, May 14, 2013

Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, announces financial results for the first quarter ended 31 March 2013.

Financial highlights:

•    Net profit of AED 241 million, up 17% year-on-year
•    Production of 61,400 boepd, up by 3% compared to Q4, 2012
•    100% interest in offshore Block 6 Concession area in Egypt
•    Pre-qualified in Lebanon’s first offshore licensing round
•    Refinancing of the $1bn Sukuk completed

Revenues and gross profit declined during Q1 2013, owing to a conservative cash policy towards capital expenditure and a temporary suspension of Liquefied Petroleum Gas (“LPG”) production in Kurdistan Region of Iraq (“KRI”).

Revenues and gross profits are expected to increase as new discoveries in Egypt are brought to production and upon resumption of LPG production in Kurdistan in June 2013 following completion of repairs to the LPG loading bay.

Commenting on the results, Dr. Adel Al-Sabeeh, Chairman of Dana Gas, said:
“Our disciplined approach and long-term business strategy has allowed Dana Gas to achieve an encouraging first quarter while completing the refinancing of the sukuk and posting an increase in net profit. We are committed to expanding regionally and were successful in our bid to be awarded an oil and gas prospecting project in northern offshore Egypt as well as pre-qualifying in Lebanon’s first offshore licensing round.”

Rashid Al-Jarwan, Executive Director and Acting Chief Executive Officer of Dana Gas, added:
“We have had an active start to the year. Egypt and Kurdistan have increased their quarterly production as we brought on stream discoveries, added compression facilities to enhance current production. These developments, combined with the completion of the sukuk refinancing have meant we can approach the rest of 2013 with renewed confidence and ensure our future growth plans deliver value to our stakeholders.”


 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

Congestion is Port of Long Beach’s Toughest Issue

Slangerup’s State of the Port address outlines goals for Energy Island, smarter supply chain   In his first-ever State of the Port address, Port of Long Beach

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

LNG

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

Middle East

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Libya Returns Fuel Tanker to Rival Government

Libya's recognized government has released a tanker forced to dock at a port under its control after originally banning it from delivering fuel to its rival administration,

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2326 sec (4 req/sec)