Abu Dhabi – Mubasher: Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), announced the commencement of arbitration proceedings, together with Crescent Petroleum, against MOL Hungarian Oil and Gas Public Limited Company (MOL) on 14 February.

This move arises out of “MOL’s attempts to avoid paying reserve based earn out payments” to the two companies under the terms of the sale and purchase agreement signed in 2009, through which MOL acquired its 10% stake in Pearl Petroleum, according to a statement on Thursday.

In addition, Dana Gas, together with Crescent Petroleum, started arbitration proceedings against OMV Upstream International GMBH (OMV) on 14 February as the latter has attempted to avoid paying reserve based earn out payments to the two companies under the terms of the sale and purchase agreement signed in 2009, through which OMV took over its 10% stake in Pearl Petroleum.

For the full-year 2019, the Middle East’s largest regional private sector natural gas company posted its highest annual net profit in seven years of $157 million (AED 575 million), versus a net loss of $186 million (AED 682 million) in the prior year.