Article length: 294 words
UAE/KRG: Ruling on Kurdistan disputes
The London Court of International Arbitration has issued another ruling in favour of UAE-based Crescent Petroleum, Dana Gas and Pearl Petroleum Company Ltd (PPCL), in their multi-billion dollar dispute with the Kurdistan Regional Government (KRG). The latest ruling, which was notified to the companies on 13 February, follows hearings on 5–16 September 2016. The tribunal has ordered the KRG to pay $121m in compensation for condensate and liquefied petroleum gas (LPG) lifted between June 2015 and March 2016, along with interest on the overdue amount.
Credit value: 1