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Dans Gas to beef up investments in Egypt

MENA , Tuesday 22 Jan 2019
Dana Gas
FILE PHOTO - Dana Gas' Chief Executive Officer Patrick Allman-Ward speaks during an interview with Reuters at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015. (Photo: Reuters)

Chief Executive Officer of Dana Gas Patrick Allman-Ward confirmed that his company is willing to beef up its investments in Egypt by $5 billion over the coming few years, to increase its gas discoveries.

The CEO of Dana Gas made the remarks on Tuesday at a meeting with Egyptian Prime Minister Moustafa Madbouli on the sidelines of the World Economic Forum in Davos.

The meeting was attended by Minister of Investment and International Cooperation Sahar Nasr, Finance Minister Mohamed Maait and Egypt's Ambassador to the UN in Geneva Alaa Youssef.

Allman-Ward expressed appreciation for the Egyptian government for its distinguished efforts to pay its arrears to the company.

During the meeting, Allman-Ward posted Madbouli on the company's investments in the Egyptian market since 2007 which hit $2 billion, a fact that enabled the company to be the fifth gas producer in Egypt.

For his part, Madbouly hailed the company's major investments in Egypt, welcoming its new investments in the country.

Madbouly said that the government will offer all needed facilities and support to the international company to help it boost its investments to serve the promising energy sector in Egypt.

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