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Wednesday, 28 April 2021

IPR Wastani taking Dana Gas to arbitration

IPR Wastani seeks arbitration for cancelled sale of Dana Gas’ Egypt assets: IPR Wastani Petroleum is filing for arbitration after the UAE’s Dana Gas called off the sale of its oil and gas assets in Egypt to the Texas-based IPR Energy Group member, Dana Gas said in a statement cited by Reuters. The request for arbitration disputes Dana Gas’ right to scrap a sale and purchase agreement both sides reached last year, but Dana Gas is claiming it was in a legal position to cancel the sale. The company terminated the agreement last week, saying it failed to agree on certain conditions with IPR Wastani. The sale would have seen Dana Gas sell most of its Egypt-based onshore assets in a USD 236 mn transaction.

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