Dana Gas has announced that it has won the right to receive some outstanding payments from Kurdistan Region of Iraq for exploration activities in the autonomous region
The Abu Dhabi-listed oil and gas explorer, which leads a consortium of investors, had filed an arbitration case in London in October 2013 against the Kurdistan Regional Government (KRG), seeking to confirm its contract rights and to obtain payments for products it had delivered.
Dana Gas said in a statement, “The companies have been successful in their application to the Tribunal for interim measures.
“The arbitration tribunal has made an order dated 10 July 2014 for the KRG to restore the previous regular payments to the companies as of 21 March 2014, the date of the application, and until the case is concluded.”
Dana Gas firm had said in February 2014 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.
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Dana Gas files case against Kurdistan Region of Iraq over non-payments
