LONDON: Dana Gas and its consortium partners have been awarded $14 million plus interest in a dispute with Iraq’s Kurdistan Regional Government (KRG), the UAE company said on Tuesday.
The case was filed with the London Court of International Arbitration in 2013 over payments for gas liquids production.
The court ordered the KRG to pay $14 million along with an interest rate of Libor plus 2 percent as a first partial payment for the legal costs incurred, Dana said in a statement.
The KRG was also asked to bear 85 percent of the arbitration fees and tribunal fees and expenses up to Nov. 27, 2015. Legal costs incurred in the arbitration case after that date will be subject to future costs awards from the tribunal, Dana said.
Dana Gas, which aims to restructure a $700 million sukuk after delays in payments from Egypt and Iraq’s Kurdish region left it cash-strapped, has invested in excess of $1.2 billion together with its partners and has produced over 150 million barrels equivalent of gas and petroleum liquids in Iraq’s Kurdistan.
Dana Gas, Crescent Petroleum, and Pearl Petroleum Company filed a case against the KRG at the London Court of International Arbitration in October 2013 regarding their contract with the Kurdish government.
In July 2015 the arbitration court confirmed the claimants’ long-term contractual rights, and in November that year it awarded them $1.96 billion for outstanding unpaid invoices.
Last February, the court ordered the KRG to pay $121 million to Dana and its partners for condensate and liquefied petroleum gas lifted by or on behalf of the KRG between June 30, 2015 and March 31, 2016.
Pearl Petroleum said last May that Pearl, Dana and Crescent Petroleum had applied to the US District Court for recognition and enforcement of awards made at the London Court of International Arbitration against the Kurdistan government.
Pearl said it was seeking another $26.5 billion in damages through a final phase of arbitration, expected to begin in September.
Dana Gas wins payout in dispute with Kurdistan Regional Government
Dana Gas wins payout in dispute with Kurdistan Regional Government
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
