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Tuesday, 30 May 2017

Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds - Bloomberg

Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds - Bloomberg:

"Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows.

United Arab Emirates-based Dana Gas and its partners in the venture, called Pearl Petroleum, filed a petition on May 12 in a federal court in Washington, D.C., seeking “recognition and enforcement” of awards in a London arbitration case, according to the U.S. court documents. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.

The Kurdistan Regional Government’s energy ministry said in an emailed statement that “the KRG will continue vigorously to pursue its rights and defend its position in all appropriate fora.” Dana Gas declined to comment on the U.S. court filing, while Crescent Petroleum, its biggest shareholder and also a party to the filing, had no immediate comment. "



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