UAE's Dana, Crescent plan $60bn gas city in Iraq

(Getty Images)

UAE firms Dana Gas and Crescent Oil are looking to build a gas city in Iraq's western province of Anbar that they hope would draw $60 billion in investment, said Province Governor Qassim al-Fahdawi.

The gas could come from the province's Akkas gas field, which al-Fahdawi said Dana and Crescent were also keen to develop with the central Oil Ministry.

The plan would use gas Baghdad has previously earmarked for possible export to the Nabucco pipeline or for export to Syria in order to feed power generation plants as well as petrochemical and fertilizer factories, the governor said.

Fahdawi said Dana and Crescent had estimated an investment of $8 billion for the development of the Akkas Field and added a South Korean company had also put in an offer to develop the city.

Al-Fahdawi was in Istanbul last week to meet with potential investors over the 2.1 trillion cubic metre reserve Akkas Field and the gas city model. (Reuters)

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