Dana Gas

Dana Gas announces KRG arbitration award

SHARJAH, UAE, August 1, 2017 – A London court ruled in favour of Dana Gas in a USD 14-million arbitration case against the Kurdistan Regional Government, the UAE-based company said on Tuesday.


Together with Pearl Petroleum and Crescent Petroleum, Dana Gas has been seeking billions of dollars of damages for project and payment delays from the KRG at different international courts, and has won several recent cases.

The award from the London Court of International Arbitration includes interest and GBP 403,000 of legal expenses.

In May, Dana Gas said it would seek restructuring of a USD 700-million sukuk, or Islamic bond, due in October, citing uncollected debts of more than USD 1 billion owed to it by the KRG, Egypt and Iran as a reason for the delay. Subsequently in June, the company was granted an injunction against a declaration of default by bond holders by a UK court.

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