Abu Dhabi – Mubasher: The Kurdistan Regional Government of Iraq (KRG) paid $1 billion to Pearl Petroleum, a 35%-owned subsidiary of Dana Gas, as part of a recent settlement agreement.
The payment was received on 30 August 2017, the same day the settlement was made and announced, Dana Gas said in a bourse statement.
Dana Gas had filed a case before the London Court of International Arbitration (LCIA) against KRG in October 2013, complaining that KRG did not pay their full dues for liquid gas production.
The LCIA ruled a $14.05 million fine for legal costs to Dana Gas and its associates in Pearl Petroleum.
