Kurdistan Pays UAE Energy Cos. $2.2B To End Contract Row

Law360, San Francisco (August 30, 2017, 11:09 PM EDT) -- The Kurdistan Regional Government of Iraq and a consortium of United Arab Emirates-based energy companies announced the end of a four-year legal battle over two gas fields in Iraq Wednesday with a $2.2 billion settlement that amends and extends their energy production contract.

Under the deal, the KRG will pay $600 million to Pearl Petroleum Co. Ltd. — a member of the consortium, which also consists of Dana Gas PJSC and Crescent Petroleum — and contribute an additional $400 million toward Pearl’s development of the Khor...
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