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Commodities

UAE-based Crescent Petroleum has invested over $3 billion in Iraq: CEO

FILE PHOTO: Majid Jafar, Chief Executive Officer of Crescent Petroleum, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018. REUTERS/Denis Balibouse

DUBAI (Reuters) - United Arab Emirates-based energy firm Crescent Petroleum has invested over $3 billion in Iraq, its chief executive said on Tuesday.

“We have invested over $3 billion in Iraq over the last 10 years and that rate is increasing,” Majid Jafar said, speaking on a panel at a conference in Abu Dhabi.

In March, a consortium led by Crescent Petroleum and Dana Gas signed a 20-year gas sales deal with Iraq’s Kurdish region.

Reporting by Stanley Carvalho, writing by Nafisa Eltahir; editing by Jason Neely

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