Emirati energy company Dana Gas said it resolved a dispute with its German partners regarding joint-venture operations in the Kurdish north of Iraq.
Dana Gas in November said German energy company RWE harmed its interests in the semi-autonomous Kurdish north of Iraq by breaching a confidentiality agreement. The Emirati company announced Monday it reached an "amicable and mutually beneficial" agreement with RWE and closed arbitration.
As part of the settlement, RWE's subsidiary in the Middle East joins the consortium, Pearl Petroleum, as a partner with a 10 percent stake.
The agreement with RWE comes one day after an international court of arbitration called on the Kurdistan Regional Government to pay Dana and its consortium partners nearly $2 billion for disputes over the development rights to the region's Khor Mor and Chemchemal fields.
"This award is final, binding and internationally enforceable, and does not depend upon any further hearings or claims and counter-claims by the parties to the arbitration," Dana said in a statement.
The KRG, for its part, said Dana's statements regarding the tribunal settlement are "selective and misleading." The Kurdish government said the award is a partial one that doesn't equate to a final determination of the issues at hand.
"Dana and its affiliates and principals have caused substantial losses to the KRG as a result of their failures to meet their obligations," it said "The KRG will continue forcefully to pursue its claims for damages and other relief against Dana, its affiliates and principals."
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