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The provincial government responds to Dana Gas and says its statement is selective and misleading

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The provincial government responds to Dana Gas and says its statement is selective and misleading Empty The provincial government responds to Dana Gas and says its statement is selective and misleading

Post by RamblerNash Sat Aug 05, 2017 2:38 pm

The provincial government responds to Dana Gas and says its statement is selective and misleading

The provincial government responds to Dana Gas and says its statement is selective and misleading Image

04-08-2017 06:27 PM

The Euphrates -
 
The Ministry of Natural Resources in the Kurdistan Regional Government responded to a statement by the company 'Dana Gas' UAE, asserting that it is obliged to correct some of the public statements issued by the company and the arbitrator of the ruling selectively and create a misleading impression and incomplete, as she put it.

A ministry statement said that on July 31, the Kurdistan Regional Government (KRG) received a partial ruling on the allocation of costs from the International Arbitration Tribunal between the provincial government, Dana Gas, Crescent International Limited and Pearl Petroleum Limited. Adding that the Kurdistan Regional Government is obliged to correct some of the public statements issued by Dana Gas, which selectively select from the ruling and create a misleading impression and incomplete materially.

The statement further stated that the company did not state that the court's judgment was only a partial judgment on certain costs-related issues in arbitration, rather than a final decision on all costs (or all other outstanding matters) in arbitration.

The court had reduced the legal costs claimed by the claimants in millions of dollars to reflect the KRG's success in defeating the claimant's claim for excess gas payments, which the claimants had estimated at more than US $ 1.3 billion. The Kurdistan Regional Government succeeded in completing it was' of great economic importance ', and the court also found that the discount on the costs provided by the claimants' was insufficient to reflect the success of the Kurdistan Regional Government in the issue of excess gas.

The statement stated that the Court had rejected further significant legal costs claimed by the claimants, and the Court determined that the claimants had not borne the burden of proving that such costs were recoverable properly.

The court rejected the claimant's position that it was entitled to recover 100 per cent of the fees and costs incurred by the International Civil Court and the Tribunal, and then reduced the amount granted to the claimants to reflect the relative success of the KRG.

Dana Gas, the United Arab Emirates, has announced that the London International Court of Arbitration has ordered the Kurdistan Region to pay more than 10 million dollars in compensation.

The decision concerns the costs of arbitration dated 17 July 2017 in the arbitration case between Pearl Petroleum, which includes Dana Gas PJSC, Crescent Petroleum International Limited and the Kurdistan Regional Government.

The court ordered the Kurdistan Regional Government (KRG) to pay US $ 14,046,485 for the legal costs incurred by the coalition until November 27, 2015 within 28 days, in addition to a LIBOR + 2% compensation from the date of the judgment.

According to the decision, the territorial government will bear 85% of the arbitration fees.

http://www.alforat.info/index.php?page=article&id=48724

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