Pearl Petroleum secures US$250m funding for expansion of Khor Mor gas plant

Pearl Petroleum secures US$250m funding for expansion of Khor Mor gas plant

09 Sep 2021

Pearl Petroleum, a consortium led by the UAE-based Dana Gas and Crescent Petroleum, has signed a US$250m financing deal with the US International Development Finance Corporation (DFC) for its expansion project at the Khor Mor gas plant in Iraq. The US$630m worth project is being taken up to ramp up the gas production capacity of the plant by 50% to 690m standard cubic feet (scf)/day.

The consortium has now secured full funding for the gas expansion project in the Kurdistan region (KRI). Dana Gas stated that the remaining financing was arranged through a regional bank facility and engineering, procurement and construction (EPC) contractor.

With the expansion of production capacity, the Khor Mor Gas gas plant will be able to meet the growing demand for clean natural gas for power generation and industry in Kurdistan.

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