Iraqi Kurdistan pays Dana Gas $80 million

A report issued by Reuters mentioned that the UAE’s energy firm Dana Gas said on Wednesday it had received $80 million from the Kurdistan Regional Government (KRG) in Iraq, which for over a decade has sometimes struggled to make payments on time.

According to the report, Pearl Petroleum, a consortium majority-owned by Dana, recently received $101 million from the KRG despite the ongoing challenges within Iraq and is in ongoing discussions with the KRG to settle outstanding receivables as soon as possible, Dana Gas said in a statement on its first-half results.

Dana Gas reported a 25 percent drop in first-half net profit to $83 million on the back of softer oil prices and discounts on condensate sales in the KRI, where Dana began to sell to third-party local buyers as other companies shut down production, according to Reuters.

The CEO of Dana Gas, Patrick Allman-Ward, told Reuters that the company strengthened its focus on maintaining production and lowering costs while working with partner governments in Egypt and the Kurdistan region of Iraq to settle outstanding payments and counter the downturn in energy prices.

News Code 159177

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