Gulf Keystone wins legal battle over Kurdistan assets
The operator of Kurdistan's largest oil field has beaten a $1.6 billion claim, clearing a major hurdle in the company's quest to develop its assets – or position itself for a potential takeover.
The drilling platform at the Akri-Bijeel field in Iraqi Kurdistan. (SEBASTIAN MEYER/Iraq Oil Report/Metrography)
LONDON - A British court has delivered a major victory to Gulf Keystone Petroleum (GKP), putting an end to an arduous 11-month trial for one of the largest oil asset holders in Iraq's Kurdistan region.
The verdict is a vindication for GKP chief Todd Kozel, whose former business associate sought to claim nearly one-third of the company. It is also a major boon to Gulf Keystone investors, who have complained the suit was holding down the company's value.
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