Dana Gas Venture Seeks $26.5 Billion Damages From Iraq Kurds
- Petition may allow partners in venture to seize Kurdish assets
- Kurds pledge to “vigorously” defend their region’s rights
Dana Gas Seeks $26.5B From Iraqi Kurds
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Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows. The company’s shares gained the most in more than three months.
United Arab Emirates-based Dana Gas and its partners in the venture, called Pearl Petroleum, filed a petition on May 12 in a federal court in Washington, D.C., seeking “recognition and enforcement” of awards in a London arbitration case, according to the U.S. court documents. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.