IslamicFinance.de

Dana Gas and its partners are looking at recovery for damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for all delays in oil and natural gas projects. Dana Gas is based in the UAE and its partners in the venture named Pearl Petroleum, filed a petition in May at a federal court in Washington, DC, seeking “recognition and enforcement” of awards in a London arbitration case. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.
According to the Kurdish Energie Minister stated, the Kurdistan Regional Government “considers that the claimants’ approach in the arbitration is unconstructive and unnecessarily escalates the dispute. It will continue vigorously to pursue its rights and defend its position in all appropriate forums.”
Dana Gas and partners are pursuing claims in the London Court of International Arbitration against the Kurdish Regional Government for damages related to delays they say were caused by the Government in developing the projects.