By John Lee. Iraq's Ministry of Oil has engaged the Texas-based law firm Vinson and Elkins as a legal advisor in the US. Partner James Lloyd Loftis will meet with representatives of the Department of State, at their request, regarding a pending arbitration proceeding between Iraq and the Republic of Turkey. The Ministry will pay […]
By John Lee. Lebanese company Primesouth International Offshore has commenced arbitration proceedings against Iraq at the International Centre for Settlement of Investment Disputes (ICSID). Details of the dispute have not been released, but in 2020 the company was reported to have signed a two-year contract, along with China CAMC Engineering Co (CAMCE), to install 640 […]
Consultation workshop on the Commercial Arbitration Bill and the New York Convention to implement its mechanisms paving economic growth in Iraq As Iraq acceded recently to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which entered into force on 9 February 2022, UNDP in partnership with the European Union (EU) […]
By John Lee. Tehran and Baghdad have reportedly signed a memorandum of understanding (MoU) to establish a joint arbitration center. The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq al-Zuhairi, is quoted as saying that the MoU can remove the obstacles that hinder cooperation between the two countries. The agreement was finalised […]
By John Lee. The Iraqi cabinet has agreed to allow the Basra Oil Company (BOC) to take over ExxonMobil's holding in the West Qurna 1 oilfield, at a price of up to $350 million. Addressing media after Wednesday's cabinet meeting, Minister of Communications Arkan Al-Shaibani (pictured) said the cabinet also allocated an initial payment of […]
By Mohammed Koperly (LLB, PstgD), Associate, Al Nesoor Law. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq finally says YES to Arbitration. The Law on the Accession of the Republic of Iraq to the New York Convention 1958 on the Recognition and Enforcement […]
By John Lee. The Iraqi Parliament has ratified a previous decision of the Iraqi Cabinet to accede to the New York Convention (1958) on the arbitration of international disputes. The law will be implemented from the date of its publication in the official gazette. It is expected to give greater protection to international companies doing […]
By John Lee. The Cabinet held its regular weekly meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Adil Abd Al-Mahdi, and: reviewed progress in implementing the reforms, initiatives and measures announced by the government to meet the legitimate demands of the protests; approved a draft law on the accession of the Republic […]
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 […]
