"No Further Legal Challenge" in Bina Bawi Dispute

By John Lee.

Genel Energy has confirmed that there will be no further legal challenge in its dispute with the Kurdistan Regional Government (KRG) regarding the Bina Bawi field.

In April, the company announced that its subsidiary, Genel Energy Miran Bina Bawi Limited (GEMBBL), has been ordered by the London Court of International Arbitration (LCIA) to pay the Kurdistan Regional Government (KRG) a total of $26.87 million in recoverable costs.

In its results announcement this morning, Genel said:

"Genel Energy Miran Bina Bawi Limited, a subsidiary of the group, owes the KRG around $26 million relating to an arbitration costs award. The appeal against this award, held in April, was unsuccessful and there will be no further legal challenge."

It added:

"$88 million (under KBT pricing and excluding interest) remains overdue from the KRG, although this has been reduced by about $40 million of credit balances. We continue to work towards a plan for payment or settlement of amounts owed, and appropriate adjustment for price and interest"

(Source: Genel Energy)

Related posts:

Genel Energy issues Results to 30th June Iraq Discusses Hormuz Shipments with Iran First Iraqi Bank Rating Placed On 'Watch Negative' Maliki's Return as Iraqi PM "Far from Assured"