United Arab Emirates energy firm Dana Gas, one of the largest investors in Iraq’s Kurdistan region, said on Tuesday it had won a judgment against the Kurdistan Regional Government (KRG) at a London tribunal.
A consortium including Dana has been seeking to confirm its contract rights and obtain payment for gas liquids production at the London Court of International Arbitration.
In its latest judgment, the court ordered the KRG to pay $121 million to the claimants for condensate and liquefied petroleum gas lifted by or on behalf of the KRG between June 30, 2015 and March 31, 2016, Dana said in a statement.
The tribunal also dismissed counterclaims by the KRG against the claimants, the statement said, “finding that there was no unreasonable delay in their execution of the project”.
The judgment follows a July 2015 award confirming the claimants’ long-term contractual rights and a November 2015 judgment awarding them $1.96 billion for outstanding unpaid invoices, Dana said.
It added that the tribunal would quantify damages due to the claimants at a hearing expected to occur in the third quarter of this year. There was no immediate comment from the KRG