Dana Gas shares rise to 14-month high on Egypt sales
Dana Gas shares jumped to a 14-month high after the Abu Dhabi-listed energy firm said it made $8 million in sales from a new plant in Egypt.
The plant, which began operating in October, has "processed a combined 12,340 metric tonnes of Propane and Butane," Dana said in a statement to the Abu Dhabi Securities Exchange.
The company said it expects revenues from the plant to double in the future, although it did not give a timeline.
Dana's shares jumped 3.9 per cent at noon, to trade at 53 fils, the highest level since November 2011.
Dana has 26.4 per cent ownership in Egyptian Bahrain Gas Derivatives Company, a natural gas liquids extraction plant at Egypt's Ras Shukheir, whose activities comprise of gas processing and marketing of liquid propane and butane to local and international markets. The remaining shareholders include Egyptian Natural Gas Holding and Arab Petroleum Investments.
Dana's news helped lift Abu Dhabi's equity index towards bull-market territory.
The Abu Dhabi Securities Exchange advanced 1.3 per cent, bringing its total gains to 20.6 per cent since touching a low of 2293.09 points on Jan 17, 2012. It traded at 2,293.09 at midday.
The Dubai Financial Market General Index slipped 0.06 per cent to 1755.23 points.
Published: January 13, 2013 04:00 AM