Monday, 13 November 2017

UAE's Dana Gas profit boosted by financial settlement with KRG

UAE's Dana Gas profit boosted by financial settlement with KRG:

"United Arab Emirates energy producer Dana Gas reported a steep rise in third-quarter profit, benefiting from a $1 billion payment as part of a settlement agreement with the Kurdistan Regional Government (KRG).

The Abu Dhabi-listed company posted a net profit of $102 million, considerably higher than the $13 million in profit it made during the same period one year earlier.

As part of the Pearl Petroleum consortium, which includes Austria’s OMV, Hungary’s MOL and Germany’s RWE, Dana filed a case against the KRG in the London Court of Arbitration in 2013 accusing it of underpaying for gas liquid production."



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