Dana Gas has agreed with the governments of Sharjah and Ajman to develop a gas field off the two emirates' coasts with production expected to start in the first half of 2014, the company said on Thursday.
Dana is in the midst of restructuring a $920-million Islamic bond, or sukuk, after it failed to meet the payment upon maturity last month.
The gas produced will be used mainly for power generation in the two northern emirates, part of the seven-member United Arab Emirates federation, that have suffered from summer power shortages in recent years.
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