Tag Archives | Arbitration

Genel Energy to Pay $26.9m in Arbitration Costs to KRG

By John Lee. Genel Energy plc has 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. The ruling follows a claim brought by the KRG in December […]

Genel Energy: Tawke delivering "Significant Cash Generation"

Genel Energy has announced its audited results for the year ended 31 December 2024. Paul Weir, Chief Executive of Genel, said: "In 2024, we demonstrated further progress on our journey of building towards delivering resilient, diversified cash flows. Our shift from cash outflow in 2023 to cash generation in 2024 has been important, and in […]

Tribunal Appointed in Agility Arbitration Case

By John Lee. An arbitration tribunal has been appointed in the case of Agility Public Warehousing Company K.S.C. v. Republic of Iraq (ICSID Case No. ARB/17/7). Its members are: Sarah Grimmer (New Zealand), President, appointed by agreement of the Parties; Stephen L. Drymer (Canadian), appointed by Claimant; and Dr. August Reinisch (Austrian), appointed by Respondent. […]

Iraq Wins in $1bn Arbitration Case against German Firm

By John Lee. Iraq's Ministry of Justice has said it has successfully defended Iraq in a $1-billion international arbitration case filed by Germany's AHG Industry GmbH & Co. KG at the World Bank's International Centre for Settlement of Investment Disputes (ICSID). According to the statement from the Ministry on Tuesday (11th March), the dispute stemmed […]

KRG comments on Genel Energy Arbitration Case

By John Lee. The Kurdistan Regional Government (KRG) has issued a statement following its arbitration win in a dispute with Genel Energy. Genel announced last week that a British court had dismissed its claim for damages from KRG for loss of Genel's rights to develop the Bina Bawi and Miran fields in Iraqi Kurdistan. According […]

Genel Energy Loses Iraq Arbitration Case

By John Lee. Genel Energy has announced that a British court has dismissed its claim for damages from the Kurdistan Regional Government (KRG) for loss of Genel's rights to develop the Bina Bawi and Miran fields in Iraqi Kurdistan. In a statement made after the close of trading in London on Monday, the company said […]

ICC creates Iraq Arbitration Cmte to Boost Foreign Investment

By John Lee. The International Chamber of Commerce (ICC) in Iraq has reportedly established a local arbitration committee, aimed at minimizing financial losses from external arbitration and attracting foreign investors. Mohsen Al-Humaidawi [Mohsin Al Hamed], Head of ICC Iraq, told the state-run Iraqi News Agency (INA) that the new committee, announced at the International Trade […]

Iraq grants $69bn in Investment Licences in 18 mths

By John Lee. Speaking at the "Investment Forum for Businessmen and Investors" in Babylon on October 15, the Head of Iraq's National Investment Commission (NIC) highlighted the importance of developing tailored investment maps for each province, ensuring projects meet local needs. Dr. Haider Mohammed Makiyya noted that over $69 billion in investment licenses have been […]

Korek ordered to pay Agility $1.2bn

By John Lee. Kuwaiti logistics firm Agility has announced that Iraq's Korek Telecom has been ordered to pay it nearly $1.2 billion in damages. The judgement by International Chamber of Commerce (ICC)'s International Court of Arbitration relates to allegations of fraud and corruption orchestrated by Korek with a view to unlawfully causing the expropriation Agility's […]

Dutch Court Grants Enforcement of Award against Central Bank of Iraq

By John Lee. A court in the Netherlands has recognized and granted the enforcement of an arbitration award against the Central Bank of Iraq (CBI). The International Chamber of Commerce (ICC)'s International Court of Arbitration in Paris granted the award in favour of Abu Dhabi-based Cardno ME (CME) on February 26, 2023. It required the […]

Iraq signs Singapore Convention on Mediation

By John Lee. The Chairman of Iraq's National Investment Commission (NIC), Dr. Haider Mohammed Makiya, has signed the Singapore Convention on Mediation (formally the United Nations Convention on International Settlement Agreements Resulting from Mediation). He stressed the importance of integrating international and local investment environment indicators. Dr. Haider Mohammed Makiya, the Chairman of the National […]