Dana Gas: Egypt owes company $265 million

Dana GasDana Gas announced that the Kurdistan Regional Government (KRG) owes $713 million for investment in the Kurdistan Region, while Egypt owes the company $265 million.

Dana Gas CEO Patrick Allman-Ward said during an interview with al-Arabiya channel the KRG and the government of Egypt owe one billion dollars for investments in the countries.

The Dana Gas CEO added the company has started to sell its products in the Kurdistan Region’s markets, which has helped the company increase earnings.

On February 14, UAE-listed Dana Gas said the company, along with another two claimants, won a judgment requiring the KRG to pay $121 million to the investors after a court ruling at a London tribunal against the KRG ended in the company’s favor.

The consortium (which includes oil and gas companies Crescent Petroleum, and Pearl Petroleum) filed a lawsuit in the LCIA against the KRG in October 2013.

The London Court of International Arbitration (LCIA) issued its ruling in November over a dispute regarding development rights at two oil and gas fields inside the Kurdistan Region.

Dana Gas issued a statement on November 29 last year, claiming the tribunal ordered the KRG to pay $1.98 billion to its consortium within 28 days.

(Source: NRT)

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