Dana Gas, one of the largest private natural gas companies in the Middle East, has “temporarily” suspended operations at a gas complex in Iraq's Kurdish region after a drone strike that killed four people.
Four workers died and eight others were wounded when the drone struck a condensate storage tank at the Khor Mor complex on Friday, the UAE company said in a filing to the Abu Dhabi Securities Exchange on Monday, adding that it was a “terror attack”.
“Although there was very minor damage to the facilities, for the safety of all our staff and the facilities, we have temporarily suspended production and instituted specific procedural changes,” Dana Gas said.
The four killed were all Yemeni citizens, said Peshawa Hawramani, the Iraqi Kurdish regional government's representative.
Dana Gas said it was “fully engaged with the Kurdistan Regional Government and the Federal Government of Iraq at the highest levels in supporting their public commitments that the perpetrators will be brought to justice”.
It is also co-ordinating with Iraqi authorities “to enhance the security and defence measures to allow the resumption of production at the Khor Mor gas facility”.
Khor Mor, one of the major operating fields in the Sulaymaniyah region of Kurdistan, has been the target of similar attacks in the past months.
There has been no claim of responsibility from any group for the attacks, including the latest one.
The field is being developed by the Pearl Consortium, which is led by Dana Gas and Crescent Petroleum with partners OMV of Austria, MOL of Hungary and RWE.
Production started in 2008, sending gas to power stations in the cities of Chemchemal, Bazian and Erbil, making the Kurdish region the first to use gas for electricity in Iraq on such a scale.
By 2018, production had risen by 50 per cent to 452 million standard cubic feet per day, from 305 million standard cfd by the end of 2021, together with 15,000 barrels per day of condensate and more than 1,000 tonnes of liquefied petroleum gas.
To date, all of the gas produced by the field has been used for in-country power generation, providing fuel for more than 80 per cent of the Kurdish region of Iraq.
Friday's strike disrupted gas supply to the region's power plants, resulting in the loss of 2,500 megawatts of electricity, local electricity authorities said.
The UAE has strongly condemned the drone attack on the Khor Mor gasfield.
The Ministry of Foreign Affairs affirmed that the Emirates expressed its strong condemnation and denunciation of the attacks aimed at undermining security and stability in Iraq, Wam reported.
The US State Department spokesman Matthew Miller said: “The United States strongly condemns today’s attack on energy infrastructure in the Iraqi Kurdistan Region.”
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The years Ramadan fell in May
The years Ramadan fell in May
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
