Abu Dhabi – Mubasher: Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), has received a one-off $42 million (AED 154 million) dividend payment from Pearl Petroleum Company Limited in the Kurdistan Region of Iraq (KRI).
Distributed as a dividend by Pearl Petroleum of which Dana Gas owns a 35%-stake, the payment follows the release of an additional $120 million out of the $400 million, which the Kurdistan Regional Government (KRG) has paid to the consortium under a settlement agreement, Dana Gas disclosed in a statement on Tuesday.
Year to date, the total dividends received by Dana Gas from the KRI have amounted to $121 million (AED 443 million).
The CEO of Dana Gas, Patrick Allman-Ward, commented, “We hope to soon move forward with the construction phase for the next 250 MMscf/d gas train. This will raise production by over 60% when fully operational in 2022, and is expected to add between $175 and $200 million annually to our top line.”
