Dana Gas wins Egypt arbitration case

Dana Gas won an arbitration case brought by IPR Wastani Petroleum claiming that the UAE-headquartered company was in the wrong when it called off the sale of many of its Egypt assets to IPR. Dana disclosed the outcome of the arbitration case, which IPR filed back in April, in a statement (pdf) out this morning. Dana Gas called off the sale of its onshore oil and gas assets in Egypt as both parties failed to finalize the sale at the agreed timeframe. The sale, which both agreed on last year, was valued at USD 236 mn and was due to close in 1H2021.