May 5, 2021

IPR Wastani Petroleum seeks arbitration on canceling Egypt deal


ArabFinance: IPR Wastani Petroleum is filing for arbitration after UAE’s Dana Gas called off the sale of its oil and gas assets in Egypt to the company, Reuters reported.

IPR Wastani Petroleum, part of the Texas-based IPR Energy Group, submitted a request for arbitration, disputing Dana Gas' right to terminate the sale and purchase agreement.

The deal was terminated after the parties were unable to agree on conditions within the agreed time frame which expired on April 14th.

Earlier, Dana Gas announced that it has abandoned plans to sell onshore oil and gas assets in Egypt.

arabfinance


Categories : oil and gas

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