Dana Gas says Kurdistan Regional Government failed to pay $100 million

Dubai:

Kurdistan’s Regional Government (KRG) has failed to pay $100 million to a Dana Gas consortium as instructed by a London arbitration court and the Abu Dhabi-listed firm on Monday said it had asked the court to enforce its earlier order.

Dana warned the KRG could face sanctions if the autonomous region failed to pay the money to its consortium, which includes Crescent Petroleum and Pearl Petroleum Co, according to a bourse filing.

In July, the KRG rejected a statement by Dana Gas that a London tribunal had awarded the company the right to receive some outstanding payments from the Kurdish government.

Dana Gas also said that along with its consortium partners it continues “to pursue multi-billion dollar claims in the arbitration against the KRG for breach of contractual commitments.”

As of September 30, the Kurdish government owed Dana Gas and its consortium $712 million.

“We continue to invoice the government … we continue to see that our overdue receivables position continue to grow,” said Patrick Allman-Ward, Dana Gas chief executive, in November.