Dubai: The High Court of England has ordered Iraq’s Kurdistan Regional Government (KRG) to pay $100 million (Dh367 million) to a consortium that includes UAE private companies Dana Gas and Crescent Petroleum.
Shares in Dana Gas rose 4.88 per cent to Dh0.43 on Sunday following the announcement of the ruling on the Abu Dhabi Stock Exchange (ADX).
The English High Court upheld on Friday November 20 a previous ruling by The London Court of International Arbitration (LCIA) ordering the (KRG) to pay $100 million that is owed to the consortium for developing hydrocarbons in the region, the statement said,
Payment is to be made within 14 days as per the latest ruling.
On October 17, 2014, the LCIA ordered the KRG to pay the Consortium $100 million within 30 days. The case was taken to the High Court of England after the KRG failed to make the payment.
Other members of the consortium are Austria’s OMV and Hungarian oil and gas group MOL. The group is exploring and developing the Khor Mor and Chemchemal gas fields.
