The top shareholder in Dana Gas has ruled out a bailout just days before a US$920 million (Dh3.37 billion) sukuk matures.
Crescent Petroleum, a Sharjah company that owns 21 per cent of Dana Gas, repeated a position first made public in May that it would not consider a cash injection.
"As far as a bailout from the shareholders, no, we ruled that out," said Majid Jafar, the chief executive of Crescent, which also shares concessions with Dana in Iraq and Egypt.
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