Middle East

In Brief

Dana Gas gets $42m dividend

SHARJAH: Dana Gas, a leading natural gas company in region, has received a one-off $42 million dividend payment from Pearl Petroleum Company, in which Dana Gas has a 35 per cent ownership, in the Kurdistan Region of Iraq (KRI).
The payment follows the release of an additional $120 million out of the $400 million that was paid by the Kurdistan Regional Government (KRG) to the consortium under a settlement agreement reached in August 2017 and that was held in a Pearl Petroleum bank account pending financing for the expansion of the Khor Mor field.
The latest dividend payment is in addition to the regular dividends from operational cash flows and brings the total dividends received by Dana Gas from the KRI in the year to date to $121 million in line with 2018 dividends.

Bechtel reopens Al Khobar office

AL KHOBAR: Bechtel, a global leader in engineering, procurement and construction (EPC), has re-opened its office in the Saudi city of Al Khobar to meet the increasing demand for quality services in the oil and gas sector both in the kingdom and the region.
Re-opening the Al Khobar office reaffirms Bechtel’s commitment to support the Kingdom’s Vision 2030 with a commitment to developing local talent to sustain long-term economic development for Saudi Arabia.

Nasser tops power players’ list

RIYADH: Saudi Aramco said its CEO Amin Nasser has been selected to take the top slot in the ICIS Top 40 Power Players in 2019, a global ranking of the leading CEOs and senior executives making the greatest positive impact on their companies and the industry.
Dow CEO Jim Fitterling came in second, followed by LyondellBasell CEO Bob Patel.
“The level of petrochemical project activity for Saudi Aramco is unprecedented for any company. This will reshape the global landscape for many years to come,” remarked Joseph Chang, the global editor of ICIS Chemical Business.

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