The U.S. government's overseas lending facility has approved a huge loan to finance new gas supplies, signaling direct support for Kurdistan's energy sector.
Published Wednesday, September 8th, 2021
The Pearl Petroleum consortium led by the UAE’s Crescent Petroleum and Dana Gas has signed a $250 million financing agreement with the U.S. International Development Finance Corporation (DFC) to fund a major expansion of the Khor Mor gas field in the Kurdistan Region of Iraq (KRI), the two parties said in a joint statement on Wednesday.
The project will increase natural gas production at Khor Mor by 50 percent by 2023 “to meet rising demand for clean-burning natural gas for electricity generation and industry in the KRI,” the statement said. The field is currently producing about 440 million standard cubic feet per day (scf/d).