UAE's Dana Gas Gets $100M Financing For Gas Field Development

Reuters

ABU DHABI, Sept 9 (Reuters) - Dana Gas, the United Arab Emirates energy firm, secured $100 million of financing to develop an offshore gas field in the north of the country, with the first gas production expected early next year, it said on Tuesday.

The four-year credit facility from banks comprises the debt component of the financing for the Zora gas field development, Dana said in a statement. The company has spent about $49 million so far as part of the project's equity financing.

The Zora field will provide gas for local power generation in the northern UAE with expected production capacity of 40 million standard cubic feet per day, Dana said.

Mandated lead arrangers and joint bookrunners for the credit facility, which includes a sharia-compliant tranche, are Emirates NBD, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank.

(Reporting by Stanley Carvalho; Editing by Andrew Torchia)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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