Abu Dhabi – Mubasher: UAE energy producer Dana Gas has been confident about its legal position on the sukuk case, based on the views of some legal advisors, company CEO Patrick Allman-Ward said on Wednesday. 

The allegations about the case’s grave effects on the entire Islamic banking and finance system were made to defend the traditional bond market, neither the sukuk nor the Islamic financing, Al Bayan newspaper reported, citing Allman-Ward as saying.

I am optimistic about 2018, as the company maintains its expansion and seek to increase its production rate to 70,000 barrels per day (bpd), the top official added.

Profits of the Abu Dhabi-listed firm are expected to grow, given the stability in oil prices, the expansion into Iraq's Kurdish region and Egypt, and the expected compensation of the legal dispute with National Iranian Oil Company (NIOC), Allman-Ward remarked.

Dana Gas is planning to pay dividends when it achieves sustainable cash flows, the CEO concluded, as Al Bayan reported.