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UAEs Dana Gas plans $5bn investments in Egypt - CEO



Cairo: Dana Gas is planning to increase its investments in Egypt by around $5 billion in the coming five years to bolster its gas exploration activities, its CEO said on Tuesday.
Egypts prime minister Mostafa Madbouly has already viewed Dana Gas investments in the country, which have amounted to $2 billion since 2007, Middle East News Agency (MENA) reported, citing Patrick Allman-Ward as saying.
Through its investments since 2017, Dana Gas has qualified as the fifth largest natural gas producer in the most populous Arab nation, Allman-Ward added.
Meanwhile, Madbouly said that the Egyptian government would provide facilities and support to the UAE-firm to help it increase its investments in the country and better serve its ambitious energy sector.
Talks between Egypts Madbouly and Dana Gas CEO Patrick Allman-Ward took place during the World Economic Forum (WEF) currently taking place in Davos.
On a different note, Allman-Ward told CNBC Arabia that Dana Gas dividend distribution decision was not an exceptional move, but was a part of the firms strategy to maintain payouts. Source: Mubasher


Time Added: 2019-01-23 12:47:37
Source: arabfinance
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