Abu Dhabi – Mubasher: Dana Gas stressed that the coronavirus outbreak has not affected its growth plan and operations.
Precautionary measures have been set to protect the company’s assets, operations, and cash flows, the largest private sector natural gas company in Middle East said in a press release on Monday.
In this regard, CEO of Dana Gas, Patrick Allman-Ward, said: “The first two months of trading in 2020 has been robust despite the current unpredictable economic environment resulting from the coronavirus.”
“We have appointed an [engineering, procurement, and construction] EPC contractor, who will start immediately on building the first of Pearl Petroleum’s two gas processing trains in the [Kurdistan Region of Iraq] KRI. This will see production output increase 60% to 650 MMscf/d when it comes online in Q1 2022," Allman-Ward added.
It is worth mentioning that during 2019, Dana Gas logged a net profit of $157 million (AED 575 million), its highest annual net profit in seven years, against a loss of $186 million (AED 682 million) in 2018.
