Dana Gas : We are still demanding Kurdistan for compensation of up to $ 11 billion
Tuesday, 08 December 2015 14:07

Shafaq News/ Dana Gas and two other companies are demanding the government of Kurdistan region for compensations exceeding $ 11 billion,

mainly due to what it deems as a violation of the rights of two fields in the region.

Dana Gas said in a statement to the stock exchange, that the jury will consider its claims , Crescent Petroleum , Pearl Petroleum next year, adding that the claims are related to Khor Mor and Chamchamal gas fields.

It added that the jury will also consider a lawsuit of Kurdistan Regional Government, which calls for the compensation of about three billion dollars.

In 2007, Kurdistan gave Dana Gas and UAE Crescent Petroleum a 25-year contract to develop Khor Mor and Chamchamal gas fields, then Austrian OMV and Hungarian MOL got later 10%.

But differences over the legal rights and because of allegations of non-payment of the full value of the supply of condensate and liquefied petroleum gas from Khor Mor field delayed the project.

In the past week, Dana Gas said that the jury in London ordered Kurdistan Regional Government to pay $ 1.98 billion for the alliance of the company within 28 days. In its statement today, Dana said it had not received any funds that it has won in a judgment in their favor until November 20.

In return, the regional government said that Dana Gas statement is "misleading" and did everything related to the file before the arbitral tribunal, noting that it is still continuing in lawsuits against the company demanding compensation for huge sums.