Dana Gas, Ikarus Petroleum join forces

Dana Gas has signed 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 Iraq’s 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.

Ikarus Petroleum, parented by three Kuwaiti Companies; National Industries for Building Materials, Noor Financial Investment Company, and Markaz Energy Fund as major shareholders. Ikarus’s investment portfolio consist of Saudi International Petrochemical Company (Sipchem), which is engaged in the production and marketing of petrochemicals products, as well as of National Industrialization Co. (Tasnee), which is engaged in the operation of propane dehydrogenation and polypropylene projects.