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Companies seek to build on their $1 billion existing investment, and assist in strengthening build new relationships with local leaders
Sharjah, 17th October 2013
Dana Gas, the region’s first regional private-sector natural gas company, and Crescent Petroleum, the oldest Middle East private oil and gas company are host sponsors for an important 100-person UAE trade delegation to Iraq. “TradeUAE-Iraq” was held from 15th to 17th April in Erbil, under the patronage of the UAE Ministry of Economy and the Kurdistan Regional Government (KRG) of Iraq, in partnership with “Dubai FDI”, “Dubai Exports”, and the Abu Dhabi Department of Economic Development, supported by Dubai Chamber and the Sharjah Chamber of Commerce and Industry, and with Emirates Airlines as the official carrier and Streamline SMG as the event organizer.
The official UAE delegation, which was led by H.E. Abdullah Saleh, Undersecretary at the UAE Ministry of Economy, and included Mr. Rashid Al-Jarwan, Executive Director and Acting CEO of Dana Gas, and Mr. Majid Jafar, CEO of Crescent Petroleum, held high-level meetings with the KRG Minister of Trade & Industry, the Minister of Housing and Transport, the Governor of Erbil, and other senior officials.
“The Kurdistan Region of Iraq is one of the most promising areas in the Middle East region for investment,” said Mr. Majid Jafar, CEO of Crescent Petroleum and Managing Director of the Board of Dana Gas. “As the largest investors in the oil and gas sector and among the first UAE companies to invest in Iraq’s Kurdistan Region, we are pleased to play this positive role in encouraging further strong economic ties and investments from the UAE.”
Trade UAE-Iraq is the first event of its kind and includes a conference at the Saad Conference Centre in Erbil, networking events, business meetings between companies from the UAE and Iraq, and site visits to local industrial projects. With the aim of strengthening economic ties, meetings and private consultations were held between participants from leading sector ministries, agencies, organisations and commercial contractors and investors from the UAE and the Kurdistan Region of Iraq.
“We are proud to be sponsors and participants in this important trade visit, in partnership with the UAE Ministry of Economy and other organizations,” said Mr. Rashid Al-Jarwan, Executive Director and Acting CEO of Dana Gas. “Events like this to promote economic and trade ties are extremely beneficial in creating new business opportunities for the private sector as well as enhancing bonds of friendship between countries”, he added.
Crescent Petroleum and its affiliate Dana Gas are already very active in the Kurdistan Region of Iraq, having invested over US$1 billion in major gas projects under contracts signed with the Kurdistan Regional Government (KRG) for the Khor Mor and Chemchemal fields. The 80,000 barrels of oil equivalent per day currently produced by the partners provides fuel for reliable and affordable electricity access for millions of Iraqis and billions of dollars in ongoing fuel savings for the regional government; all of which have underpinned the significant economic development in now seen in the Kurdistan Region.
Dana Gas and Crescent Petroleum have also implemented various local projects to support the local communities, including providing school supplies, drinking water treatment, generators and fuel, enabling 24-hour electricity for the local villages, mobile medical units, and youth sports facilities. These initiatives are assisting the local communities in improving their standard of living and well-being, and in the development of human capital in the Kurdistan Region.
Dana Gas and Crescent Petroleum Sponsor and Participate in UAE Trade Delegation to Iraq
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