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FINANCIAL NEWS
UAE’s Dana Gas to get USD1.943b from Kurdish authorities
05 Jul 2015
(MENAFN) Dana Gas, the oil and gas investor in the Kurdish region in Iraq, announced that it has received a confirmation from a London settlement court that can possibly lead the company into obtaining USD1.943 billion from the Kurdish government, Reuters reported.
The arbitration case was issued by Dana Gas back in October 2013 against the Kurdistan Regional Government (KRG), hoping for confirmation over its contract rights and to attain payments for products which it had delivered.
The court confirmed the firm’s rights to develop and produce gas and petroleum products from the Khor Mor and Chemchemal fields for the duration of the contract, or not less than 25 years.
It also confirmed the KRG’s obligation to pay Dana Gas for condensate and liquefied petroleum gas (LPG) at international prices, and has set a date to decide on Dana’s claim for USD1.943 billion payments.
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