, Columnist
The Deep Damage from Dana's Debt Drama
Regardless of how the gas company's court proceedings are resolved, the damage to the market has been done.
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There is brinkmanship, and then there is Dana Gas. Not repaying your debt has been seen before -- but demanding previous payments back from investors is a new one.
Dana Gas PJSC is an independent natural gas supplier from Sharjah, one of the smaller sheikhdoms in the United Arab Emirates. It produces most of its energy from the Kurdish region of Iraq as well as Egypt. With a market capitalization of about $1.5 billion it may not be a major player, but it has certainly learnt how to play hardball in legal wranglings over its sukuk securities.