Tag Archives | Pearl Petroleum

Rosneft in the Kurdish Region: Moscow’s Balancing Act

By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Between February 2017 and mid-October, Rosneft signed a number of deals with the Kurdish Regional Government (KRG) that established for it, […]

OMV Pockets $107m from KRG Settlement

By John Lee. Austria’s OMV has said its third-quarter clean operating result “was positively impacted” by about 90 million euro ($107 million) following a settlement over a dispute relating to the Khor Mor and Chemchemal fields in Iraqi Kurdistan. On August 30, 2017, the Kurdistan Regional Government (KRG) and Dana Gas , Crescent Petroleum and […]

KRG to pay $1bn to Pearl in “Full and Final Settlement”

The Kurdistan Regional Government (KRG) will immediately pay $1 billion to the Pearl Consortium, including Dana Gas, and its partners to settle a long-running legal dispute. In a joint press release, the Kurdistan Regional Government and Pearl Consortium announced the “full and final settlement” between the two parties. Below is the full press release: Settlement […]

KRG hits back at Dana Gas

The Kurdistan Regional Government (KRG) issued a statement regarding the partial ruling on the allocation of costs from the tribunal in the ongoing arbitration between the KRG and Dana Gas PJSC, Crescent Petroleum Company International Limited and Pearl Petroleum Company Limited (collectively “the Claimants”): The arbitration is subject to duties of confidentiality under the applicable […]

Dana Gas claims victory in Kurdistan Dispute

By John Lee. UAE-based Dana Gas has said it had won a judgment against the Kurdistan Regional Government (KRG) at the London Court of International Arbitration (LCIA). The consortium of Dana Gas, Crescent Petroleum and Pearl Petroleum has been seeking to confirm its contract rights and obtain payment from the KRG for gas production. The company […]

Dana Gas Reaches Settlement With RWE

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 […]

Dana Gas Shares Rise on $2bn Iraq Judgement

By John Lee. Dana Gas has announced that the London Court of International Arbitration (LCIA) has ordered the Kurdistan Regional Government (KRG) to pay $1.98 billion to a consortium that it leads. In a statement to the Abu Dhabi stock exchange, the Sharjah-based company claims that the judgement is final, binding and internationally enforceable, and […]

Court Orders KRG Pay Dana Gas $100m

The UK’s High Court has ordered the Kurdistan Regional Government (KRG) to pay a consortium led by Dana Gas $100 million within 14 days. In a statement, the KRG’s Ministry of Natural Resources said: “The Court’s decision does not relate to the substantive merits of the claims and counterclaims in the on-going arbitration between the […]

Dana Gas, KRG in Spat over Court Ruling

By John Lee. The Kurdistan Regional Government (KRG) has reacted angrily to a statement from Sharjah-based Dana Gas. Shares in the company jumped 13.7 percent on the Abu-Dhabi stock exchange on Sunday after the company won a ruling in the London Court of International Arbitration (LCIA) in its long-running dispute with the KRG in Iraq […]

Dana Remains Committed to Iraq, Despite Claim

By John Lee. Sharjah-based Dana Gas and its consortium partners, Crescent Petroleum and Pearl Petroleum, is pursuing $100 million (117 billion Iraqi dinars) in payments from the Kurdistan Regional Government (KRG). In a statement to the Abu Dhabi Securities Exchange (ADX), the company said: “The LCIA [London Court of International Arbitration] Tribunal recently ordered the […]

KRG Rejects Dana Gas Statement on Payments

By John Lee. The Kurdistan Regional Government (KRG) has rejected a statement by Abu Dhabi-listed Dana Gas to the effect that the London Court of International Arbitration had awarded the company the right to receive some outstanding payments from the Kurdish government. Dana Gas said on Sunday that its consortium with Crescent Petroleum and Pearl Petroleum […]

Dana Begins Arbitration Proceedings On Kurdish Contract

By Matthew Gayle. According to Iraq Oil Report, the consortium managing the only producing natural gas field in Iraq’s autonomous Kurdistan region is taking the Kurdistan Regional Government (KRG) to court, alleging overdue payments that are likely to total over $2 billion. Dana Gas, a United Arab Emirates fuel producer, began arbitration proceedings in London on rights […]