IslamicFinance.de

Dana Gas and its partner Crescent Petroleum have begun arbitration proceedings against Hungary's MOL Group over Dana's settlement agreement with the Kurdistan Regional Government (KRG). The KRG agreed to pay $1 billion to the consortium and to reclassify some additional $1.24 billion from debt to outstanding costs. MOL is unsatisfied with the way Dana Gas, Crescent Petroleum and the Pearl consortium handled the settlement and would have pursued a final litigation and enforcement outcome against KRG instead. Dana and Crescent Petroleum own a combined 70% stake in the Pearl consortium, while Austria's OMV, Germany's RWE, and MOL each own 10%. The KRG settlement boosted Dana's cash balance and lifted the company's stock on the Abu Dhabi stock exchange by 14%. Last week Dana bondholders requested a $300 million cash paydown, but Dana refused the proposal and the case is now being disputed in a London High Court.

Barwa Bank and National Petroleum Services Group (NPS) made an agreement to refinance an existing syndication and support its expansion and working capital. All this will be worth QR529m.
NPS group provides drilling and well services to customers in the oil, gas and petrochemical industries in the Middle East, North Africa, Far East, and Europe.
Its state-of-the-art equipment and sectorial services are embracing Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Syria, Brunei, Malaysia, Singapore, Libya, and Iraq.