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Monday, 20 February 2017

UAE's Dana Gas revises 2016 results down to net loss of $88 million | Reuters

UAE's Dana Gas revises 2016 results down to net loss of $88 million | Reuters:

"United Arab Emirates-based Dana Gas on Monday revised down its unaudited preliminary results for 2016 to a net loss of $88 million from the net profit of $33 million which it had previously reported. Dana cited the result of a ruling by London's Court of International Arbitration earlier this month in its dispute with the Kurdistan Regional Government (KRG). Last week, Dana said the court ordered the KRG to pay $121 million to a consortium including it for condensate and liquefied petroleum gas. On Monday, however, Dana said the tribunal had also found that Pearl Petroleum Co, in which Dana Gas has a 35 percent stake, was entitled to interest on overdue receivables from the KRG at the London interbank offered rate plus 2 percent. Previously, Dana had calculated its own share of overdue receivables under different assumptions."



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