KRG de­nies mis­lead­ing state­ments made by Dana Gas

The Kurdish Globe - - NEWS -

The KRG refers to pub­lic state­ments made by Dana Gas, and at­trib­uted to Dana Gas re­cently in Reuters, The Fi­nan­cial Times, and other press agen­cies, in con­nec­tion with on­go­ing ar­bi­tral pro­ceed­ings be­tween Dana Gas and the KRG. The ar­bi­tra­tion is sub­ject to du­ties of con­fi­den­tial­ity un­der ap­pli­ca­ble law and ar­bi­tra­tion rules, and the con­tin­u­ing pub­lic state­ments by Dana Gas are con­trary to those du­ties. With­out waiv­ing these du­ties of con­fi­den­tial­ity, the KRG wishes to cor­rect in­ac­cu­rate and mis­lead­ing pub­lic state­ments made by Dana Gas. Dana Gas owes the KRG sub­stan­tial sums, pro­vi­sion­ally quan­ti­fied at in ex­cess of USD 4.8 bil­lion, which are the sub­ject of claims by the KRG against Dana Gas. Con­trary to the as­ser­tions by Dana Gas, no sums are “out­stand­ing” from the KRG to Dana Gas. The Tri­bunal has not reached any fi­nal de­ter­mi­na­tion on any of the main is­sues be­fore the Tri­bunal. The Tri­bunal has not reached any fi­nal de­ter­mi­na­tion that any sums are due, still less “out­stand­ing” from the KRG. The KRG de­nies that any such amounts are due. Dana Gas has made pub­lic the Tri­bunal’s rul­ing re­gard­ing in­terim pay­ments but has mis­char­ac­terised that rul­ing. The rul­ing did not con­cern the main dis­putes on the mer­its be­tween the par­ties. In­stead, the rul­ing re­lated to Dana Gas’s re­quest for pro­vi­sional pay­ments in the course of the ar­bi­tra­tion, and prior to a de­ci­sion on the mer­its, to avoid al­legedly se­ri­ous fi­nan­cial dif­fi­cul­ties on its own part. The Tri­bunal did not up­hold the price that Dana Gas seeks in the ar­bi­tra­tion, and the rul­ing did not re­flect that price. The Tri­bunal also re­jected Dana Gas’s re­quests for sig­nif­i­cantly larger in­terim pay­ments over a longer time pe­riod. Fur­ther, the Tri­bunal does not recog­nise an obli­ga­tion for the KRG to con­tinue to lift and pay for con­den­sate un­der all cir­cum­stances. The KRG will con­tinue vig­or­ously to pur­sue its claims against Dana Gas in all ap­pro­pri­ate fo­rums.

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