20644
Dana Gas Wins Favorable Ruling in Kurdistan Dispute
Energy

Dana Gas Wins Favorable Ruling in Kurdistan Dispute

Dana Gas, one of the largest oil and gas investors in Iraq's semi-autonomous Kurdish region, said on Sunday it had obtained a favorable ruling from a London arbitration tribunal in its dispute with Kurdistan authorities.
The Abu Dhabi-listed firm, which leads a consortium of investors, had filed an arbitration case in London in October 2013 against the Kurdistan Regional Government, seeking to confirm its contract rights and to obtain payments for products which it had delivered.
On July 2, the London Court of International Arbitration "handed down its partial final award ruling confirming beyond any doubt the consortium's contractual rights", Dana said in a statement on Sunday, Reuters reported.
The tribunal confirmed the consortium's long-term rights to develop and produce gas and petroleum products from the Khor Mor and Chemchemal fields for the duration of the contract, or not less than 25 years, Dana said. These rights had been disputed by the KRG since May 2009, preventing development of the fields, the company added.
The tribunal also confirmed the KRG's obligation to pay the consortium for condensate and liquefied petroleum gas at international prices, and has set a Sept. 21 date to decide on Dana's claim for outstanding payments from the KRG totaling $1.943 billion as of end-May 2015.

 

Short URL : http://goo.gl/aGZk6F

You can also read ...

China Shifts to Iranian Tankers to Keep Oil Flowing
Chinese buyers of Iranian oil are starting to shift their...
Greek Island to Run on Wind and Solar Power
When the blades of its 800-kilowatt wind turbine start turning...
Replacement of France's Total Underway
Oil Minister Bijan Namdar Zanganeh said on Monday France’s...
Vopak: More Volatility Expected in Oil Prices
A shipping revolution and a US plan to impose targeted crude...
Large Oil Vessel Anchors in Chabahar
A large crude carrier with a capacity of 50 million liters of...
SP Oil Layer Loads 19th Cargo
The 19th batch of crude oil from South Pars Oil Layer in the...
Plans to Expand Gas Pipelines by 1,000 Km 
Iranian Gas Engineering and Development Company plans to lay...
Advantages, Challenges of Renewables Outlined
Saving water, creating sustainable jobs, curbing air pollution...

Trending

Googleplus