Dana Gas: waiting for the decision of the London court on Iraq to the Kurdistan dues

Sunday 04-10-2015 | 9:15:18
H d
H d

Twilight News / Dana Gas said "DANA", listed on the Abu Dhabi Securities Market, said that the company was waiting to set a date for the decision, by the London Court of International Arbitration, on Msthat company's Kurdistan province.

She said the company, in a statement posted on the market site that the arbitral tribunal had been set on 21 September to hear the claim a coalition of companies against the territorial Government on the amounts that have not been repaid, the quantities that have been delivered until the end of the month of May 2015.

The company said that the court had notified the parties at the end of its it will be setting a date for the decision at the time.

The company had filed for international arbitration in October 2013, in partnership with Crescent Petroleum and Petroleum Company Limited, on entitlements companies with the Kurdistan Region.

The financial statements showed the company the first half of 2015 net profit fell by 79% to 69 million dirhams ($ 19 million), compared to 333 million dirhams (91 million dollars) in the corresponding period of last year.

At the level of the company's profits in the second quarter were the "Company" recorded a profit of about 25 million dirhams ($ 7 million), compared to 169 million dirhams (46 million dollars) in the same period last year, to fall by 85%.

The Dana Gas, the first private sector company in the region working in the field of natural gas, and owns assets, and facilities, and contractual rights in this sector.

The capital of the "Company" about 7 billion dirhams, divided into about seven billion shares, with a nominal value of one dirham per share.