A report from Sharjah confirmed that the total project cost was US$630 million, and the remaining financing had been obtained through regional bank financing and EPC contractors. The KM-250 project is the first phase of Khor Mor's two train expansion project, which aims to increase the total production capacity to close to 1 billion standard cubic feet per day.

After site construction was stopped in 2020 due to the pandemic, the project resumed work in April 2021 and is currently expected to be completed in April 2023. Pearl Petroleum’s total investment in Khor Mor to date has exceeded US$2.1 billion, and its cumulative total production has exceeded 341 million barrels of natural gas and oil equivalent (boe) in liquids. Providing uninterrupted natural gas supply to power plants in Erbil, Chemchemal and Bazian has brought significant fuel cost savings and economic benefits to the Kurdistan region and the entire Iraq.

From 2018 to 2021, the Khor Mor Gas Plant also optimized its facilities to achieve a current total output of 106,000 barrels of oil equivalent per day (boepd), thereby increasing production by 45%. This project is the largest regional private sector upstream natural gas business in Iraq today. Commenting on the project, Majid Jafar, CEO of Crescent Petroleum and Managing Director of Dana Gas’s Board of Directors, said: “This financing agreement with DFC emphasizes the importance of developing natural gas resources at KRI to support regional economic development and growth. Despite the COVID-19 The epidemic has brought global challenges, but we continue to maintain a record of uninterrupted operations and even managed to increase production. The DFC agreement proves our record of success and further highlights the potential of these resources and KRI's bright future."

Keywords: overseas engineering, international engineering construction, foreign engineering construction news

Dr. Patrick Allman-Ward, CEO of Dana Gas, added: “Together with our partners in Pearl Petroleum, we are proud to further develop the natural gas sector in the Kurdistan region of Iraq, provide more clean energy supplies, and support local economic development. The agreement underscores our continued confidence in the region and its long-term prospects."Editor/XuNing