By John Lee.
UAE-based Dana Gas has announced that it has reached an “amicable and mutually beneficial settlement agreement” with RWE’s trading unit RWE Suppy & Trading GmbH (RWEST) to resolve a dispute over its operations in Iraqi Kurdistan.
The detailed terms of the settlement agreement are to be treated in accordance with the confidentiality provisions of the arbitration dispute resolution rules.
As part of the settlement, RWEST Middle East has also joined the Pearl Petroleum consortium as a full partner for 10 percent.
Dana Gas has said that it and its consortium partners are committed to working together with the KRG in order to realise the full potential of the significant resources in the Khor Mor and Chemchemal fields for the benefit of the Kurdistan Region and Iraq, as well as the wider region.
(Source: Dana Gas)