Dana Gas ties with Abraaj for joint acquisitions

United Arab Emirates-based Dana Gas will tie up with private equity firm Abraaj Capital to make joint acquisitions and invest in natural gas projects, Dana said on Sunday.

Abraaj Capital, whose main lines of business include private equity buyouts and taking minority stakes in public firms, will invest in natural gas projects in the Middle East, North Africa and South Asia with Dana Gas, Dana said in a statement.

Dana recently announced that forging links with reputable local and international companies would form a key part of its growth strategy across the Middle East and North Africa natural gas industry, through a combination of acquisitions and new energy projects.

Dana signed an agreement with Arab Petroleum Investments Corp. (APICORP) in May under which APICORP will contribute equity to natural gas projects, including a natural gas liquids processing plant in Egypt.

The company completed a C$1.15 billion dollar ($1.09 billion) acquisition in January of Centurion Energy International Inc., a Canadian company with development leases and exploration licences in Egypt, Tunisia and offshore West Africa.

Dana plans to sell $1 billion of convertible Islamic bonds to refinance existing acquisitions.

In June, Abraaj bought Egyptian Fertilisers Co. for $1.41 billion.

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