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Dubai: Dana Gas, the Middle East s largest regional private sector natural gas company has received an award in its favour dated July 19, 2021 from the London Court of Arbitration (LCIA). The arbitration was initiated on 28 April 2021 by IPR Wastani Petroleum Ltd., (IPR Wastani) a member of the IPR Energy Group, in relation to the Sale and Purchase Agreement (SPA) for the sale of oil and gas assets in Egypt. The Tribunal rejected IPR Wastani’s claim in its entirety. The Tribunal ruled in Dana Gas’ favour on all key points, concluding that Dana Gas’ termination of the SPA was valid. Dana Gas terminated its agreement for the sale of its Egyptian assets to IPR Wastani on 22 April 2021 as the parties were unable to complete a number of conditions precedent to the transaction by the long-stop date of 14 April 2021. Dana Gas’s Board of Directors therefore decided to terminate the SPA and retain and operate the assets in Egypt. IPR Wastani disputed Dana Gas’ right to terminate

United arab emiratesCity ofUnited kingdomPatrick allmanLondon courtEnergy groupWastani petroleum ltdStock danaDana gasMiddle eastDana gas egyptImage creditPetroleum ltdPurchase agreementGas egyptஒன்றுபட்டது அரபு அமீரகங்கள்