Abu Dhabi – Mubasher: UAE’s oil and gas explorer Dana Gas said a UK supreme court ruled that the Kurdistan regional government in Iraq has 14 days to pay $100 million to the company.
The High Court of England has upheld the ruling of the London Court of International Arbitration ordering the Kurdish government to pay Dana Gas and its partners, Crescent Petroleum and Pearl Petroleum, outstanding arrears for the development of hydrocarbon assets.
The initial filing was brought to the London Court of International Arbitration 10 months ago with the court giving the KRG 30 days to make payments. The government failed to comply leading the consortia to take matters to the higher court.
Dana Gas said it then filed the case with Britain's High Court after failing to receive payments.
