Dana Gas wins payments from Kurdistan
London, July 13, 2014
Dana Gas, one of the largest oil and gas investors in Iraq's semi-autonomous Kurdish region, said on Sunday that an arbitration tribunal had awarded it the right to receive some outstanding payments from the Kurdish government.
The Abu Dhabi-listed firm, which leads a consortium of investors, had filed an arbitration case in London last October against the Kurdistan Regional Government (KRG), seeking to confirm its contract rights and to obtain payments for products it had delivered.
"The companies have been successful in their application to the Tribunal for interim measures," Dana Gas said in a statement on Sunday.
"The Tribunal has made an order dated 10th July 2014 for the KRG to restore the previous regular payments to the companies as of 21st March 2014, the date of the application, and until the case is concluded."
It was not immediately possible to obtain comment from the KRG.
Dana Gas firm said in February that it had not received any significant payments from the KRG since July 2013, and was pushing for payments to resume as soon as possible. A London Court of International Arbitration was set up to hear the case. - Reuters