Dana Gas 'Still Waiting' for $1.98bn from KRG

By John Lee.

Bloomberg reports that Dana Gas PJSC is still waiting for payment of the $1.98 billion that it and two other energy companies -- Crescent Petroleum and Pearl Petroleum -- were awarded by the London Court of International Arbitration (LCIA) in November.

The court gave the Kurdistan Regional Government 28 days to pay when it made its ruling on 29th November. The KRG disputed the judgement, claiming that the court had yet to hear its counterclaims.

Patrick Allman-Ward, CEO of the Sharjah-based company, told Bloomberg he did not expect to be paid all in one go, and is open to getting paid over time.

The claims relate to payment for production at the Khor Mor and Chemchamal gas fields.

(Source: Bloomberg Business)

Comments are closed.