DNO Hit With Up To $75M In Damages For Iraq Contracts

Law360, New York (October 6, 2010, 5:59 PM EDT) -- DNO International ASA said Wednesday that it is likely to have to pay between $55 million and $75 million to former U.S. diplomat Peter Galbraith and a Yemeni company over a production deal that brought the Norwegian oil company to Iraq.

The company said Wednesday that the London Court of International Arbitration had disclosed the award in proceedings over interests in the Kurdistan Region of Iraq, where its subsidiary DNO Iraq AS had entered into production-sharing contracts with the Kurdistan Regional Government.

In a statement released...
To view the full article, register now.