Pearl Petroleum, the Consortium headed by Crescent Petroleum and Dana Gas of the UAE, has signed a brand new 20-year Gasoline Sales Pact with the Kurdistan Regional Authorities to allow manufacturing and sales of an extra 250 MMscf/day that the Consortium goals to supply by 2021 as a part of their growth plans within the Kurdistan Area of Iraq with a purpose to enhance much wanted local electrical energy era.
Pursuant to the Settlement Pact arrived in the parties in August 2017, this new gas sales settlement was approved on 19th February 2019 by Dr. Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Authorities, and Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, on behalf of Pearl Petroleum.
All permissions for the settlement, adding by the Kurdistan Area Council for Oil & Fuel Affairs and the Board of Pearl Petroleum, have since been granted, with mission work now under the application.
The Kurdistan Fuel Venture was formed in 2007 as Dana Gas, and Crescent Petroleum entered into a settlement with the Kurdistan Regional Authorities for certain unique rights to evaluate, develop, produce, market, and promote petroleum from the Khor Mor and Chemical fields within the Kurdistan Region of Iraq (KRI).
Manufacturing from the newly constructed plant in Khor Mor started 15 months later, in October 2008. In 2009, Pearl Petroleum was shaped as a consortium with Dana Gasoline and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE becoming a member of the consortium finally with a 10% share each.