KRG Reject Dana Gas Statement on Payment Rights

Source: Reuters 7/16/2014, Location: Middle East

- Iraq's autonomous Kurdish region rejected a statement by UAE's Dana Gas that a London tribunal had awarded the company the right to receive some outstanding payments from the Kurdish government.

Dana Gas, one of the largest oil and gas investors in the northern Kurdish region, said the tribunal had ordered the Kurdistan Regional Government (KRG) to restore previous regular payments as of March 21 until the case is concluded.

The Abu Dhabi-listed firm, which leads a consortium of investors, filed an arbitration case in London last October against the KRG, seeking to confirm its contract rights and to obtain payments for products which it had delivered.

The London Court of International Arbitration said it does not comment on any cases. Dana Gas said in February it had not received any significant payments from the KRG since July 2013, and was pushing for payments to resume as soon as possible. A tribunal at the London Court of International Arbitration was set up to hear the case.

However, the KRG on Wednesday called Dana Gas's statement "inaccurate and misleading", and said there were no sums outstanding to Dana and that the UAE firm "owes the KRG substantial sums, provisionally quantified at in excess of $4.8 billion, which are the subject of claims by the KRG against Dana Gas."

"The Tribunal has not reached any final determination that any sums are due, still less 'outstanding' from the KRG. The KRG denies that any such amounts are due," the KRG said in a statement on its website.

"The ruling related to Dana Gas' request for provisional payments in the course of the arbitration, and prior to a decision on the merits, to avoid allegedly serious financial difficulties on its own part."

The KRG said it will continue to pursue its claims against Dana Gas. The Pearl consortium, which is led by Dana, consists of Crescent Petroleum of the United Arab Emirates, Austria's OMV and Hungarian oil and gas group MOL.

Dana, which holds 40 percent of the consortium, has said it collected $69 million from the KRG in early 2013 but the flow of funds then dried up, leaving a trade receivables balance owed to Dana alone of $515 million at the end of last year - up from $354 million at the end of 2012.


Luxembourg >>  7/4/2022 - Subsea 7 S.A. announced transactions made in accordance with its share repurchase programme during the week commencing 27 June 2022.

Date ...

Malaysia >>  7/4/2022 - Rex International Holding Limited wishes to announce that its wholly owned subsidiary Pantai Rhu Energy Sdn Bhd (“PRE”) has engaged the Carlingford di...

Norway >>  7/4/2022 - TECO 2030 ASA leads a consortium with partners Umoe Mandal and BLOM Maritime to develop a hydrogen powered high-speed vessel with zero emissions. The ...
Norway >>  7/4/2022 - Please see below information about transactions made under the share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR).

Date on whi...


Norway >>  7/4/2022 - Bård Olsen, CFO of Magnora ASA, has purchased 24,000 shares in Magnora ASA (“Magnora”) today 4 July 2022 at an average price of NOK 18.2068 per share....
Bermuda >>  7/1/2022 - DHT Holdings, Inc. has during the second quarter purchased 2,826,771 of its own shares — equivalent to 1.7% of its outstanding shares — at an average ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.