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FINANCIAL NEWS
KRG fails to pay USD100m to UAE’s Dana Gas
16 Dec 2014
(MENAFN) Dana Gas, one of the largest investors in Iraq’s Kurdistan, said that the semi-autonomous region had failed to pay USD100 million it owed the company as it was instructed to do earlier this year by an arbitrary court in London
“An application to the English Court has been made for enforcement of the order, with the prospect of sanctions being imposed on the KRG, Kurdistan Regional Government, for non-compliance,” Dana Gas said in a statement.
The USD100 million is part of a multi-million dollar sum the KRG owes a consortium of companies, which also consists of Crescent Petroleum of the United Arab Emirates (UAE), Austria’s OMV and Hungarian oil and gas group MOL, who all filed an arbitration case in London seeking to confirm their rights to obtain payments for their production of oil in the region.
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