Crescent Petroleum, Dana Gas file arbitration against Hungarian partner - The National

Crescent Petroleum, Dana Gas file arbitration against Hungarian partner - The National:

"Crescent Petroleum and Dana Gas have sold shares in Hungary’s MOL Group, their partner in the Pearl consortium operating in northern Iraqi region of Kurdistan, and started arbitration proceedings over the recent settlement with the Kurdistan Regional government (KRG). “Unfortunately, MOL unreasonably sought to link its endorsement of the settlement to a renegotiation of the terms by which it first secured its participation in Pearl back in May 2009,” Dana Gas said in a filing on the Abu Dhabi bourse. “And now [MOL] complains about Dana Gas and Crescent Petroleum for their handling of the settlement alongside Pearl, expressing dissatisfaction with the outcome as compared to the alternative of pursuing a final litigation and enforcement outcome against the KRG.”"



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