Pearl takes arbitration victory against KRG to U.S. court
Kurdistan’s leading gas investor is looking to affirm $2 billion in awards against the KRG, potentially paving the way for enforcement action, while lining up $26.5 billion in further claims.
An engineer looks out over gas processing facilities at the Khor Mor field, which is operated by the Emirati companies Crescent Petroleum and Dana Gas, in 2013. (JACOB RUSSELL/Iraq Oil Report/Metrography)
ERBIL - The Kurdistan Regional Government (KRG) is facing the prospect of a $2 billion U.S. court order as its leading gas investor seeks to confirm a series of prior arbitration awards in international jurisdictions.
Pearl Petroleum – together with affiliated UAE energy companies Dana Gas and Crescent Petroleum – applied on May 12 to the U.S. District Court in the District of Columbia for “recognition and enforcement” of awards made in litigation in the London Court of International Arbitration (LCIA) against the KRG.
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