HSBChas been appointed financial adviser and lead manager on an initial public offering (IPO) of 35 per cent of shares in newly created Sharjah-based Dana Gas, a private sector regional gas company. The company's founders are Crescent Petroleum, Sajaa Gas and United Gas Transmissions Company, all locally based.
The Economy & Planning Ministry approved the firm's incorporation on 27 July. It will be capitalised at AED 6,000 million ($1,635 million) and will concentrate on the natural gas business in the GCC and beyond. Dana's existing assets include gas supply, transportation, marketing and processing holdings of the founding shareholders and there are plans to expand both upstream and downstream. It will own part of Crescent Natural Gas Company, currently fully owned by Crescent Petroleum, which has an agreement to import gas from Iran's offshore Salman field (MEED 18:3:05).