His Excellency Dr. Ahmed Nazif, the Prime Minister of Egypt, met Mr Hamid Jafar, Executive Chairman of Dana Gas, at the Economist Conference’s Sixth Business Roundtable, a high-level symposium of which Dana Gas is the lead sponsor that was held on 16-17th February at the Grand Hyatt Hotel, Cairo under the patronage of the Prime Minister.
The Roundtable, which was attended by the Prime Minister and nine members of his Cabinet, brought together leading businessmen, investors and key decision makers to discuss issues pertaining to the current economic situation in Egypt.
During their discussion, the Prime Minister praised Dana Gas’ efforts and commitment to its Egyptian operations and complimented the Chairman on the rapid results being achieved, noting in particular the several discoveries made during the past few months.
Mr Jafar also met Egypt’s Minster of Petroleum, Eng.Sameh Fahmy to discuss Energy issues of common interest and to talk specifically about the country’s future requirements as well as Dana Gas’s plans for its operations in Egypt. Mr Jafar advised the Minister of the latest plans being implemented by Dana Gas as well as current production and added that the support of the Egyptian Government has been a major factor in Dana Gas’ success in the country and assured that there is more positive news to be announced in the near future, which will add further value to the Egyptian economy.
Dana Gas, the Middle East first and largest private sector natural gas company, also presented its Gas Cities concept to the Conference, which it believes to be the optimum energy solution for the region. The company is committed to establishing Gas City Egypt.
Speaking at the symposium, Mr. Jafar said:
“Despite the challenges of being the most populous country in the Middle East/ North Africa Region, Egypt has made huge strides in the gas sector through the progressive policy of the Petroleum Ministry that both encourages investment and maximizes local benefit. Egypt has doubled its gas reserves in the past 5 years, and is meeting the needs of the large domestic market while also exporting gas through both pipeline and LNG, with over 60 companies active in its upstream sector.
“Dana Gas marked its entry to the Egyptian energy sector with the US$1.1 billion acquisition of Centurion Energy in 2007 – clear evidence of our confidence in the local investment climate. We have since made substantial targeted investments in exploration and development, which have yielded extremely encouraging results.
“We have doubled our reserves in Egypt, and announced our latest discovery just this morning. In addition, we are making investments in a new LPG plant in the Gulf of Suez.
“As a regional company, we are focused on local use and benefit from gas, and in this context are proud to be jointly developing with the Government the Egypt Gas City Project, which will increase the local benefit from gas through maximum job creation and investment for sustainable economic growth”.
Besides introducing the Gas City project, Dana Gas also aims to promote a range of Corporate Social Responsibility (CSR) initiatives, which eventually will become part of the firm’s development of a self-sustaining Gas City in Egypt.
Dana Gas is the sixth largest gas producer in Egypt and the only private sector company from the region to make significant hydrocarbon discoveries there in 2008. The company was also the first to make a commercial oil discovery in Southern Egypt and embarked on a significant drilling campaign last year, which exceeded reserve targets for the year.
(Dana Gas Press Release)