Middle-east Arab News Opinion | Asharq Al-awsat

UAE and European Companies Team to Export Iraq Gas | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI, United Arab Emirates (AP) — Two Emirati energy companies say they will partner with Austria’s OMV and Hungary’s MOL to export natural gas from Iraq to Europe.

The deal aims to supply the planned Nabucco pipeline between Turkey and Central and Eastern Europe. The route would lessen Europe’s dependence on Russian gas.

Dana Gas and Crescent Petroleum said the deal announced Sunday will give OMV and MOL each a 10 percent stake in the holding company that controls the Emirati firms’ natural gas operations in Iraq’s northern Kurdish region.

OMV will pay $350 million for its share, and the cash will be reinvested into the project. Crescent and Dana Gas will each take a 3 percent stake in Budapest-based MOL.