Abu Dhabi – Mubasher: Dana Gas share saw the biggest gains in Sunday’s early trading as it rose 14.6% to the level of AED 0.47 on back of a favourable ruling by a London court against the company’s opponent, the Kurdistan Regional Government (KRG).
The London Court of International Arbitration made a final decision that obliges KRG to pay $1.9 billion within 28 days on the quantities of condensate and liquefied gas delivered to KRG until June 30, 2015 by Dana’s consortium which includes Crescent Petroleum and Pearl Petroleum Company Limited.
The verdict amount is based on the prices approved by the arbitral tribunal earlier, according to a statement by the company.
The court released its first decision on October 17, 2014, which obligated KRG to pay $100 million to Dana gas within two weeks.
