DUBAI: UAE energy firm Dana Gas, one of the largest investors in Iraq’s Kurdistan region, said the British High Court had ordered the Kurdish regional government to pay Dana’s consortium $100 million within 14 days.
The decision reinforces a December 2014 ruling by a London arbitration court which made the same demand of the Kurdistan Regional Government (KRG) with a 30-day deadline, Dana said in a bourse statement.
Its consortium, which also consists of the UAE’s Crescent Petroleum, Austria’s OMV and Hungarian oil and gas group MOL, filed an arbitration case in London in October 2013, seeking to confirm its contract rights and to obtain payment for production.
Dana Gas said it then filed the case with Britain’s High Court after failing to receive payments.
The Kurdistan region’s Ministry of Natural Resources said the court order did not relate to the “substantive merits” of the arbitration with Dana Gas, vowing to pursue counter-claims against the company, which it estimated at $3 billion.
It said Dana Gas and its affiliates had failed to honor their obligations.
The autonomous region has been suffering an acute economic crisis since Baghdad cut its share of the budget in early 2014, rendering it unable to pay international oil companies’ dues.
The crunch was compounded by a drop in oil prices and the war against Daesh.
The ministry said: “Regrettably, rather than working constructively with the KRG to find a way forward in the light of the prevailing circumstances as other international oil companies have done, Dana maintained its aggressive stance and pursued its application to the court.”
“The KRG will continue vigorously to pursue its claims for damages and other relief against the claimants in all appropriate fora.”
Dana Gas says wins court ruling for $100m Kurdistan payment
Dana Gas says wins court ruling for $100m Kurdistan payment
Gold slips over 1 percent on strong dollar, easing rate-cut bets
- Chile central bank issues first gold purchase in decades
- BMI expects silver to average $93/oz in 2026
Gold prices fell more than 1 percent on Thursday, pressured by a stronger dollar and diminishing hopes for a reduction in borrowing costs as the ongoing Iran war stoked inflation concerns.
Spot gold dipped 1.1 percent at $5,118.16 per ounce by 1:31 p.m. ET (1731 GMT). US gold futures for April delivery settled 1 percent lower at $5,125.80.
The dollar gained for a third consecutive session. The greenback is a competitive safe-haven asset, and a stronger US currency makes gold more expensive for holders of other currencies.
“The higher dollar index, rising treasury yields and lack of interest-rate cuts are the negative factors, but the conflict in the Middle East has been generating some safe-haven flows,” said Phillip Streible, chief market strategist at Blue Line Futures.
Two tankers were ablaze in Iraqi waters in an apparent escalation in Iranian attacks that have cut off Middle East energy supplies. In reaction, oil prices rose sharply for the day.
Iran will avenge the blood of its martyrs, keep the Strait of Hormuz closed and attack US bases, new Supreme Leader Ayatollah Mojtaba Khamenei said.
Higher crude prices feed into inflation by raising transportation and production costs. Gold is considered an inflation hedge, but high interest rates weigh on it by making yield-bearing assets more attractive.
“If they can prevent oil prices from climbing further, gold should be in a good place... On the bullish side for gold, the main argument is that central bank buying and steady exchange-traded fund inflows, which have remained positive all year,” Streible added.
Chile’s central bank issued its first major gold purchase since at least 2000. In February, the bank boosted its gold reserves to $1.108 billion, up from $42 million in January, equivalent to 2.2 percent of total reserves.
Elsewhere, spot silver eased 1 percent to $84.90. Prices gained more than 146 percent last year.
Analysts at BMI wrote in a note they expect silver to average $93 per ounce in 2026, with strong investment demand consolidating the gains witnessed in 2025, and offsetting price-induced demand destruction in solar panels and jewelry.
Spot platinum lost 1.1 percent to $2,145.75, and palladium fell 1 percent to $1,620.86.
