United Arab Emirates

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Largest oil investors in Kurdish Iraq take regional gov't to court
SHARJAH, United Arab Emirates, Oct. 22 () -- The largest investors in the Kurdish north of Iraq said Tuesday they started arbitration against the regional government to assess long-term oil contracts.Emirati energy company Dana Gas,[url=http://www.celinehandbagss.com/]celine handbags[/url], along with its partners at Crescent Petroleum and Pearl Petroleum, said Tuesday they started arbitration proceedings at an international arbitration court in London against the Kurdistan Regional Government."The objective of the arbitration ... is to obtain clarification of the consortium's long-term contractual rights for the development and marketing in respect of the Khor Mor and Chemchemal fields, including the outstanding receivables owed by the Ministry of Natural Resources in the Kurdistan Region of Iraq," Dana said in a joint statement.There was no public statement Tuesday from the KRG.The consortium said it made its decision following "concerted and sincere efforts" to resolve payment issues amicably with the Kurdish government. Contracts were signed with the Kurdish government in 2007.The consortium said it has invested more than $1 billion in the Kurdish region and produced approximately 100 million barrels of oil equivalent since production began in 2008.The semiautonomous Kurdish government is at odds with the federal government over who controls what aspects of the energy sector. Oil from the Kurdish north typically flows north to Turkish export terminals.