Pearl wins $2 billion ruling against KRG
An arbitration court ruled the KRG owes the Pearl gas consortium nearly $2 billion for past production, but enforcement will be difficult and more legal battles loom, including KRG counter claims.
Tankers carrying liquid condensates derived from natural gas leave the Khor Mor facility in Iraqi Kurdistan, January 2013. (JACOB RUSSELL/Metrography/Iraq Oil Report)
A London tribunal has ruled that the Kurdistan Regional Government (KRG) owes its largest gas investors nearly $2 billion for past production.
In an award from the London Court of International Arbitration (LCIA), issued Friday, the KRG has to pay $1.982 billion to Pearl Petroleum, according to an announcement posted Sunday by the UAE’s Dana Gas, a company in the Pearl consortium. The award is for invoices rendered for condensate and LPG produced up to June 30, 2015, the company said.
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