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Dana Gas, the Middle East’s largest regional private sector natural gas company delivered one of its strongest half-yearly results with H1 2021 net profit of $139 million (AED511 million). ....
Dana Gas : wins arbitration on sale of Egypt assets 25 Jul 2021 marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Dana Gas wins arbitration on sale of Egypt assets SHARJAH, 14 hours, 39 minutes ago Dana Gas, a leading regional natural gas company, has received an award in its favour from the London Court of Arbitration (LCIA) in relation to the Sale and Purchase Agreement (SPA) for the sale of oil and gas assets in Egypt. The arbitration was initiated on 28 April 2021by IPR Wastani Petroleum, a member of the IPR Energy Group. The Tribunal rejected IPR Wastani’s claim in its entirety. The Tribunal ruled in Dana Gas’ favour on all key points, concluding that Dana Gas’ termination of the SPA was valid. ....
“This is one of our best collection periods in the past several years, driven and supported by the strong rebound in oil prices,” said Dr. Patrick Allman-Ward, CEO of Dana Gas. “The respective governments of both the KRI and Egypt are meeting their payment obligations, ensuring the petroleum industry investors are receiving their current monies on time and catching up on overdue payments. “This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2-2023. ....