Pearl Petroleum obtains financing from Khor Mor

Amid industry concern that gas projects are struggling to secure investment due to pressure from activists (MEES, September 24), a major project in the Iraqi Kurdistan region has countered the trend. Dana Gas and Crescent Petroleum of the United Arab Emirates operate Kurdistan’s 440mn cfd Khor Mor gas field on behalf of the Pearl Petroleum consortium and are working to expand capacity to 690mn cfd by April 2023.

Earlier this month, Pearl signed a $ 250mn financing agreement with the US International Development Finance Corporation for the expansion. In total, Pearl has raised $ 630 million, with the remainder “insured through a regional banking facility and EPC contractor.” (CONTINUED – 172 WORDS)

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