Reuters reported that UAE energy firm Dana Gas is still negotiating terms to enter into the Syrian and Algerian markets while it is also looking at opportunities in Libya.

Mr Ahmed al Arbeed CEO of Dana Gas said that Dana Gas has done joint studies with Algeria's Sonatrach to offer more value to the local market. Their efforts to enter the Algerian market started a year and a half ago.

He said that on possible entry into Syria, the talks are at an advanced stage with Dana Gas bidding against seven other competitors but it was up to the Syrian government to make further announcements. We tried to enter the Syrian market twice before. Syria is an important country for Dana due to its strategic location next to Iraq.

Mr Arbeed said that efforts to enter these three new markets are part of the company's strategy to capture business in neighboring markets and increase its gas production to 500 million cubic feet in the next 3 years.

He said that we will try to enter the market with projects that are appropriate to Dana Gas in Libya. The Gulf's only listed natural gas company has significant investments in Egypt but is owed overdue payments for the gas delivered in the country.

(Sourced from Reuters)