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Mon 15 Dec 2014 02:54 PM

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UAE's Dana Gas says Kurdistan gov't has failed to pay $100m

Energy firm says government was instructed to pay up by a London arbitration court in July

UAE's Dana Gas says Kurdistan gov't has failed to pay $100m
Dana Gas

Kurdistan's Regional Government (KRG) has failed to pay $100 million to a Dana Gas consortium as instructed by a London arbitration court and the Abu Dhabi-listed firm on Monday said it had asked the court to enforce its earlier order.

Dana warned the KRG could face sanctions if the autonomous region failed to pay the money to its consortium, which includes Crescent Petroleum and Pearl Petroleum Co, according to a bourse filing.

In July, the KRG rejected a statement by Dana Gas that a London tribunal had awarded the company the right to receive some outstanding payments from the Kurdish government.

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