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First-half 2021 revenue increased by 19% to Dh792 million

Dana Gas, the Middle East’s largest regional private sector natural gas company delivered one of its strongest half-yearly results with H1 2021 net profit of $139 million (AED511 million).

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. Dan...

Dana Gas wins arbitration on sale of Egypt assets SHARJAH, 14 hours, 39 minutes ago Dana Gas, a leading regional natural gas company, has received an award in its favour from the London Court of Arbitration (LCIA) in relation to the Sale and Purchase Agreement (SPA) for the sale of oil and gas assets in Egypt. The arbitration was initiated on 28 April 2021by IPR Wastani Petroleum, a member of the IPR Energy Group. 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 va...

“This is one of our best collection periods in the past several years, driven and supported by the strong rebound in oil prices,” said Dr. Patrick Allman-Ward, CEO of Dana Gas. “The respective governments of both the KRI and Egypt are meeting their payment obligations, ensuring the petroleum industry investors are receiving their current monies on time and catching up on overdue payments. “This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train whic...