LONDON: Dana Gas and its consortium partners have been awarded $14 million plus interest in a dispute with Iraq’s Kurdistan Regional Government (KRG), the UAE company said on Tuesday.
The case was filed with the London Court of International Arbitration in 2013 over payments for gas liquids production.
The court ordered the KRG to pay $14 million along with an interest rate of Libor plus 2 percent as a first partial payment for the legal costs incurred, Dana said in a statement.
The KRG was also asked to bear 85 percent of the arbitration fees and tribunal fees and expenses up to Nov. 27, 2015. Legal costs incurred in the arbitration case after that date will be subject to future costs awards from the tribunal, Dana said.
Dana Gas, which aims to restructure a $700 million sukuk after delays in payments from Egypt and Iraq’s Kurdish region left it cash-strapped, has invested in excess of $1.2 billion together with its partners and has produced over 150 million barrels equivalent of gas and petroleum liquids in Iraq’s Kurdistan.
Dana Gas, Crescent Petroleum, and Pearl Petroleum Company filed a case against the KRG at the London Court of International Arbitration in October 2013 regarding their contract with the Kurdish government.
In July 2015 the arbitration court confirmed the claimants’ long-term contractual rights, and in November that year it awarded them $1.96 billion for outstanding unpaid invoices.
Last February, the court ordered the KRG to pay $121 million to Dana and its partners for condensate and liquefied petroleum gas lifted by or on behalf of the KRG between June 30, 2015 and March 31, 2016.
Pearl Petroleum said last May that Pearl, Dana and Crescent Petroleum had applied to the US District Court for recognition and enforcement of awards made at the London Court of International Arbitration against the Kurdistan government.
Pearl said it was seeking another $26.5 billion in damages through a final phase of arbitration, expected to begin in September.
Dana Gas wins payout in dispute with Kurdistan Regional Government
Dana Gas wins payout in dispute with Kurdistan Regional Government
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
