Dana Gas revenue up by 16%
The Company generated total revenue of AED 901 million for the nine-month period ended 30 September 2008, with a gross profit of AED 200 million, net profit of AED 85 million and EBITDA for the first nine months was at AED 451 million, an increase of 50 percent over the same period last year.
Commenting on the nine months’ results Mr Hamid Dhiya Jafar, Executive Chairman of Dana Gas said, “The current period of growth has been of great significance to Dana Gas with production start up from its Kurdistan Gas Project, combined with an important discovery in Egypt. The first phase of the Kurdistan Gas Project has been completed in a record time of 15 months with installation of an Early Production Facility (EPF) and a 180 kilometre pipeline to transport our produced gas to a newly constructed power plant at Erbil. The gross operated gas production from operations in Egypt and Kurdistan Region of Iraq has now reached 220 million standard cubic feet per day (mmscfd), totaling more than 40,000 barrels of oil equivalent (boe) per day...
Full story: http://www.albawaba.com/en/countries/UAE/237762
