Post by Sapphire Capital on Aug 2, 2017 23:10:48 GMT 4
Dana Gas and its consortium partners have been awarded $14 million plus interest in a dispute with Iraq's Kurdistan Regional Government (KRG), the UAE company said on Tuesday.
The case was filed with the London Court of International Arbitration in 2013 over payments for gas liquids production.
The court ordered the KRG to pay $14 million along with an interest rate of Libor plus 2 percent as a first partial payment for the legal costs incurred, Dana said in a statement.
The KRG was also asked to bear 85 percent of the arbitration fees and tribunal fees and expenses up to Nov. 27, 2015. Legal costs incurred in the arbitration case after that date will be subject to future costs awards from the tribunal, Dana said.
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