Azernews.Az

Dana Gas, the United Arab Emirates' largest listed natural gas firm, has completed the construction of a new gas liquefaction plant in Egypt together with a joint venture for liquefied gas production, created through investments from Egypt and Bahrain, newspaper Dar Al-Khaleej said on Tuesday, Trend news agency reported.

Gas from Egyptian field Ras Shakir will be mainly used in liquefied gas production. According to the newspaper, the plant will produce 12.4 tons of petroleum products, of which 10 tons are propane and 1.8 tons butane for the first three months after the plant starts working.

According to the newspaper, the plant will begin operating in the coming months. The exact cost of the project has not been announced yet, but the newspaper said that only the UAE company's investment in the plant construction is $126 million.

Dana Gas's share in the project is 66 per cent. It is stressed that a profit is expected to be obtained from the sales of liquefied gas to the amount of $7.7 million for the first three months of the plant's activity.

According to a BP report, the proven gas reserves in Egypt as of late 2011 hit 2.2 trillion cubic meters.