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Dana Gas Denies the Talks with Syria

Source: Reuters 10/23/2011, Location: Middle East

Dana Gas is not in talks with the Syrian government about investing in the country, the chief executive officer of the United Arab Emirates-based company said. UAE press reports in early October said the company, which already has overseas operations in Egypt and Iraq, was in advanced talks with Damascus to enter the Syrian energy sector.

But the Gulf's only listed natural gas company says it is no longer in talks with the Syrian government, with foreign companies increasingly discouraged from doing business with Damascus because of sanctions against the Syrian government.

"Although the company has reviewed opportunities in Syria last year, it is currently not involved with any discussions with the Syrian authorities nor has signed any contracts or agreements," Dana Gas CEO Ahmed Rashid Al Arbeed said in a statement to the UAE stock exchange.

European and U.S. companies have shied away from dealing with Syria as their governments ratchet up sanctions against Damascus over months of violent crackdowns on protesters seeking President Bashar al-Assad's ouster.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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