The UAE’s Dana Gas has secured $250 million in financing from the U.S. development agency to fund the expansion of gas production at the Khor Mor plant in Iraqi Kurdistan. This is the biggest ever financing in Iraq by the U.S. development agency. Pearl Petroleum, a consortium that is co-led with UAE’s Crescent Petroleum, secured the 7-year financing from the International Development Finance Corp. Developing gas fields in Kurdistan to power local industries would cut carbon emissions as well as help save on fuel costs. Expansion of the Khor Mor plant was halted last year due to the COVID-19 pandemic and is expected to be completed in April 2023.
- UAE’s Dana Gas secures U.S. agency funding for Iraqi Kurdistan project