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Companies sponsor Trade UAE Iraq 2014 Forum – largest event of its kind to promote economic ties between the UAE and the Kurdistan Region of Iraq
10th June, 2014
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 the lead sponsors and participants of an important UAE trade delegation to Erbil, capital of Iraq’s Kurdistan Region. “Trade UAE-Iraq” is being held from 9th to 12th June under the patronage of the UAE Ministry of Economy and the Kurdistan Regional Government (KRG) of Iraq, in partnership with the Abu Dhabi Department of Economic Development, Dubai Foreign Direct Investments, and Dubai Exports, and supported by the Dubai Chamber of Commerce and the Sharjah Chamber of Commerce.
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 Member of the Board of Dana Gas, and Mr. Abdulla Al-Qadi, Director of Exploration & Production at Crescent Petroleum, held high-level meetings with Ministers and senior officials of the KRG, and inaugurated the major trade exhibition and conference featuring more than 70 companies 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 Member of the Board of Dana Gas. “We have been active in Kurdistan’s oil & gas industry since 2007 and have been the largest investors and employers in this important sector of the economy”, he added.
Dana Gas and Crescent Petroleum are the largest investors from the GCC in the Kurdistan Region of Iraq, having already invested over US$1.1 billion in major gas projects under contracts signed with the Kurdistan Regional Government (KRG) for the Khor Mor and Chemchemal fields. The companies have been producing gas and liquids continuously since October 2008, with total cumulative production already exceeding 115 million barrels of oil equivalent (mmboe). The 83,000 barrels of oil equivalent per day (boepd) 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 KRG, which has enabled the significant economic development witnessed in the Kurdistan Region.
“The policies and legal framework of the KRG encouraged us to invest in the Kurdistan Region as the earliest major investors from the UAE,” said Mr. Abdulla Al-Qadi, Director of Exploration & Production at Crescent. “Since our entry, many UAE companies such as Emirates, Etihad, Air Arabia, Rotana, and Emaar have already entered Kurdistan, and we are pleased to play this positive role in encouraging further strong economic ties and investments from the UAE.”
Trade UAE-Iraq is the leading event of its kind to promote economic ties between the UAE and the Kurdistan Region of Iraq 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.
In addition to their major investments in gas projects in Kurdistan, 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 Lead UAE Trade Delegation to Erbil
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