Dana Gas (DANA.AD) said on Wednesday that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, has requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt.
Dana Gas on Sunday said it had terminated the deal with IPR Wastani Petroleum, signed last year, for the onshore assets after the sides were unable to agree on conditions. read more
IPR Wastani Petroleum has submitted a request for arbitration, disputing Dana Gas' right to terminate the sale and purchase and agreement, Dana Gas said.
IPR Energy Group could not immediately be reached for comment.
Dana Gas, listed in the United Arab Emirates, said it was "very confident" of its legal position and right to cancel the sale and purchase agreement and would defend the proceedings.
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