Pearl wins $2 billion ruling against KRG

An arbitration court ruled the KRG owes the Pearl gas consortium nearly $2 billion for past production, but enforcement will be difficult and more legal battles loom, including KRG counter claims.
Pearl wins $2 billion ruling against KRG
Tankers carrying liquid condensates derived from natural gas leave the Khor Mor facility in Iraqi Kurdistan, January 2013. (JACOB RUSSELL/Metrography/Iraq Oil Report)

A London tribunal has ruled that the Kurdistan Regional Government (KRG) owes its largest gas investors nearly $2 billion for past production.

In an award from the London Court of International Arbitration (LCIA), issued Friday, the KRG has to pay $1.982 billion to Pearl Petroleum, according to an announcement posted Sunday by the UAE’s Dana Gas, a company in the Pearl consortium. The award is for invoices rendered for condensate and LPG produced up to June 30, 2015, the company said.

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