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Dana Gas and Ikarus Petroleum enter into Strategic Alliance

Source: www.gulfoilandgas.com 2/24/2008, Location: Middle East

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Dana Gas has announced the signing of a Memorandum of Understanding (MoU) with Ikarus Petroleum Industries, a major Kuwaiti established company with ownership in several petrochemical ventures in the GCC states.

The MoU was signed last week by Rashid Saif Al Jarwan, General Manager of Dana Gas, and Suhail Abograis, Chief Executive Officer of Ikarus Petroleum agreement to cooperate on gas projects in the Middle East and North Africa. Dana Gas brings to the table its many assets and projects in gas exploration and production, as well as processing, transportation and marketing in several countries, including Egypt, UAE and Iraqís Kurdistan Region. The MoU will focus specifically on petrochemicals and downstream projects, including in Dana Gas Cities under development at several locations across the region. The Dana Gas City proprietary concept involves developing local gas-based industries, encompassing integrated community-optimizing natural gas utilization.

As part of the MoU, Dana Gas and Ikarus have agreed to discuss and list any and all projects that may be of mutual interest and that are consistent with each companyís strategic objectives. They have also undertaken to fully cooperate and coordinate in studying, assessing and negotiating projects and engaging technical and financial consultants, and to cooperate in conducting feasibility studies for any project.

The relationship between Dana Gas and Ikarus promises to lay the groundwork for a greater level of cooperation in the regionís energy sector. The combined broad focus areas of both Companies will allow for a wider range of projects that will be jointly undertaken as a result of this MoU.

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