Dana Gas seeks around $500 million to fund output expansion - CEO | Reuters
United Arab Emirates energy firm Dana Gas is exploring financing avenues, including green bonds, to raise around $500 million for a plan to more than double its output capacity, its chief executive said.
Dana plans to raise its capacity in the Kurdistan Region of Iraq (KRI) to 900 million standard cubic feet per day (mmscfd) with two processing trains of 250 mmscfd each.
“The total scope that we’re looking at is probably another $500 million. But that would ... be split up between hopefully contractor financing, some bank debt and maybe this green bond,” CEO Patrick Allman-Ward told Reuters in an interview.
Dana rocked the global Islamic finance industry in 2017, when it said some $700 million outstanding sukuk, or Islamic bonds, were no longer valid under UAE law because of changes in Islamic financial practice.
After a protracted legal battle, it reached an agreement with creditors in 2018 and repaid the sukuk in full last year.
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