POST Online Media Lite Edition



 

Kurdistan pays $1 billion to Dana Gas, partners to settle London case

Staff Writer |
Iraq'sKurdistan region will immediately pay $1 billion to UAE-based Dana Gas and its partners to settle a long-running London court case, the two sides said.

Article continues below






The full and final settlement of the $2.24 billion case is the latest effort by the semi-autonomous region to put its finances in order ahead of a referendum next month seeking independence from the government in Baghdad.

Dana Gas, its parent Crescent Petroleum and its partners filed a case against the Kurdistan Regional Government (KRG) in the London Court of International Arbitration in October 2013, accusing it of underpaying for gas liquids production.

The KRG has argued the case came amid its fight against Islamic state and as its budget suffered from a steep drop in revenues due to lower oil prices, which forced it to postpone and restructure payments to some counter-parties.

Under the settlement, Kurdistan will immediately pay $600 million to the Pearl Consortium, in which Dana and Crescent own 70 percent and their partners Austria'sOMV, Hungary's MOL and Germany's RWE own 10 percent each.


What to read next

Dana Gas and Crescent Petroleum invested $1.1 billion in Khor Mor
Rosneft and Kurdish Autonomous Region agree on cooperation at five production blocks
Dana Gas production up 18%

New York Governor revealers list of all places when kids can get COVID vaccine

 
Governor Kathy Hochul announced the re-launch of #VaxtoSchool.
 
 

Latest

New York: Construction started on $33 million Three Mile Harbor housing development
50 beaches in England and Wales under sewage alerts
Train services disrupted, buildings evacuated after fire broke out near London Bridge
Sonic Automotive acquires Audi Owings Mills in Maryland

NEWS

Malaysia's passenger flight denied landing at Myanmar's Yangon Airport

American naval training aircraft crashes in Texas
Plane with damaged wing makes emergency landing in Irkutsk region
U.S.: Excessive heat for south and west, flash flooding conditions in southwest
Iran seizes unprecedented amount of crystal meth
South Africa: Police operations net 53 suspected illegal miners
 

BUSINESS

Norway's July gas exports hit record high

Nearly 70% of America's top executives affiliated with Republicans
Russian gas supplies via Ukraine, Nord Stream to remain at previous volumes on Wednesday
EU economy greenhouse gases still below pre-COVID levels
Hundreds of workers at Liverpool port vote to strike over pay
Five more grain-carrying ships leave Ukrainian ports
 

Trending Now

Sonic Automotive acquires Audi Owings Mills in Maryland

New York Governor revealers list of all places when kids can get COVID vaccine

New York: Construction started on $33 million Three Mile Harbor housing development

50 beaches in England and Wales under sewage alerts


POLITICS

President Biden signs climate, health care package

Czech Republic seizes part of Gazprom’s gas storage capacity
Minister Ng to strengthen Canada-Philippines ties with upcoming visit
New trading scheme in UK cuts tariffs on hundreds of everyday products
Hungarian government to fast-track domestic gas production
Illinois Governor announces $34.6 billion investment in transportation over six years
 

Today We Recommend

Nearly 70% of America's top executives affiliated with Republicans


Highlights 

Mainstream Renewable Power pledges to create 100 new jobs in Ireland

Navitas Semiconductor acquires GeneSiC Semiconductor for $100 million

Shoprite acquires 100 new fuel-efficient Scania Euro V trucks


COMPANIES

Ponsse launches new technology: electric forest machine

Mainstream Renewable Power pledges to create 100 new jobs in Ireland
Next.e.GO Mobile starts building €720mn electronic car plant in North Macedonia
EIB to support Ryvu Therapeutics with €22 million
Gazprom does not rule out gas prices in Europe over $4,000 in winter
Joysbio developed two new monkeypox tests that deliver results in 15 minutes
 

CAREERS

Philips appoints Roy Jakobs as president and CEO

Daseke appoints Bruce Blaise to board
Island Pacific appoints Herman Chiu as CFO
Horizon Bancorp appoints Thomas M. Prame as president
Encora appoints Deepak Bhandari as EVP, head of corporate development
Firmenich: Maurizio Clementi interim president of taste and beyond division
 

ECONOMY

Russian Economy Ministry expects inflation to reach 13.4% in 2022, GDP to drop to 4.2%

Indonesia sets economic growth at 5.3 percent, inflation at 3.3 percent in 2023
Slovenia's Q2 GDP growth slows to 8.2 pct y-o-y
UK inflation hits 10.1% in 40-year high
U.S. housing market index drops to two-year low in August
German investor confidence falls
 

EARNINGS

Walmart Q2 profit advances

Home Depot Q2 profit climbs
BioMar achieves record Q2
AD Ports Group Q2 net profit surges 59%
Strauss Group H1 revenue increased 8%
BHP net profit nearly triples
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

First 100 Ukrainian farmers compensated through WFCU agricultural loan reimbursement program

Commission approves €218 million Bulgarian scheme to support agricultural producers
HPAI case in Pennsylvania affects Warren County in New Jersey
Louisiana: Vernon Parish man arrested for timber theft
South Africa suspends cattle movement to control foot and mouth disease
Russia sent first batches of fodder meal from Kursk region to Vietnam
 

LEADERSHIP

51% of supply chain leaders increased number of network locations

If company overcomes post-IPO innovation slump, it will survive longer
62% of consumers will stop buying from brands that compromise products to cut costs
Companies must invest to avoid supply chain scandal or pay the price in lost consumers
How awards, recognition decrease inventors' creativity
Keeping employees is harder than ever. And we don't have good news
 

CRIME

Massachusetts AG reaches settlement with opioid maker Endo

Google LLC to pay $60 million for collecting users' location data
Ex-company director from Solihull to pay £11,200 for exporting banned waste
South Korea fines 11 companies $197.5 million for price fixing
Healthcare workers in Italy put at risk due to aggravated fraud relating to protective face masks and suits
South Africa's Special Tribunal orders freeze of Transnet executives' assets
 

Magazine

TRAVEL

Radisson Resort Plaza Skiathos opens in Greece

Dublin Horse Show 2022, a packed programme of races, food and drink
Enjoy the best Greek food in Alaska
The SureStay Hotel by Best Western Rockford East opens in Rockford, Illinois
Avani Chaweng Samui Hotel & Beach Club opens in Thailand
Buffalo Bill is coming to Manitowoc with his Wild West show
 

SEA, LAND, AIR

New Ford Maverick Tremor Off-Road Package revealed

Porsche unveils newest generation of 911 GT3 R
2023 Subaru Crosstrek sells like hotcakes
New Mercedes‑Benz GLC, at home on any terrain
GMC unleashes new 2023 Sierra 1500 AT4X AEV Edition
First BMW M3 Touring presented
 

DESIGN

Clean and luxurious men's watches

Nobody's Child, everybody's favorite
Freddy WR.UP, pants that hug you in all the right places
Stylishly luxurious house design
Great design ideas that might not work for you
Garden mirrors, explore new views of your garden
 

GADGETS

Pro-Ject X8 turntable, superior noise suppression and great sound

Shure MV7 professional dynamic microphone now available in new limited-edition color
Forget streaming services, use McIntosh MR89 to enjoy AM/FM music
Infinix NOTE 12 PRO, first smartphone powered by MediaTek Helio G99
MW75 active noise-cancelling headphones, variety of new features
Parasound JC 1+ mono power amplifier by John Curl, pure delight
 

HEALTH

FDA to allow sale of hearing aids over the counter

West Nile virus kills 1 in Serbia
Infected blood victims in UK to receive £100,000 interim compensation payment
Malta receives first shipment of monkeypox vaccine
Iran reports first monkeypox case
Uruguay decreed universal and free care for hyperacute stroke treatment
 

MEANTIME

Black hole ready for its close-up

Earth's water may be from asteroids
Climate change increasing risk of megaflood in California, Americans ill-prepared and uninsured
Brightest stars in the night sky can strip Neptune-sized planets to their rocky cores
California weather is trending toward extremes
Swiss mountain pass ice to melt completely within weeks