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Because of two gas fields, Kurdistan is preparing for a "legal battle": No compensation for British Genel
Shafaq News/ The Kurdistan Regional Government of Iraq has refused to pay compensations demanded by the British "General Energy" company, due to the withdrawal of the projects to develop the "Bina Bawi" and "Miran" natural gas fields.
And the platform "S&P Global Platts" reported that the Kurdistan Regional Government said in a statement that it "will defend itself against the international arbitration lawsuit, which Genel Energy intends to file."
"The government strongly rejects any claims for compensation from Genel, as the latter caused losses to the region," she added.
The Kurdistan Regional Government indicated that "the government will vigorously defend any claim submitted by Genel, and intends to pursue its counterclaims to obtain compensation resulting from Genel's waiver of private security companies."
The statement of the Kurdistan Regional Government of Iraq came, after Genel announced, yesterday, Friday, its intention to resort to international arbitration in the British capital, London, demanding compensation for ending the contract to participate in the production of the two fields.
In a statement, Genel said, "Since the signing of the production sharing contract in February 2017, the company has made all efforts required to develop the two fields, and submitted a large number of development offers, in order to obtain government permission to start development, but it seems that the government was intending not to grant This permission.
Genel signed a production sharing contract for the two fields in 2017, after amending the initial agreement with the government, but it invested in them cautiously, due to the high risks surrounding their future.
The two fields contain approximately 14.8 trillion cubic feet of natural gas, which Genel Energy was planning to export to Turkey, which is witnessing a growing demand for gas, and has its headquarters.
The two fields also contain 130 million barrels of oil and condensate resources.
The dispute has arisen between the KRG and the British company since 2014, at the time of the signing of the initial agreement to develop the two fields, which underwent numerous amendments in the following years.
In 2017, a statement from the Kurdistan Regional Government said, "The government regrets the failure of Genel to provide a reliable offer to develop the Bina Bawi and Miran fields, which negatively reflected on the government's ability to develop them in a timely manner."
Previous negotiations for the British company with the government to start production faltered, and government payments were delayed, as the regional authorities revised the dates for receiving their dues several months ago.
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And the platform "S&P Global Platts" reported that the Kurdistan Regional Government said in a statement that it "will defend itself against the international arbitration lawsuit, which Genel Energy intends to file."
"The government strongly rejects any claims for compensation from Genel, as the latter caused losses to the region," she added.
The Kurdistan Regional Government indicated that "the government will vigorously defend any claim submitted by Genel, and intends to pursue its counterclaims to obtain compensation resulting from Genel's waiver of private security companies."
The statement of the Kurdistan Regional Government of Iraq came, after Genel announced, yesterday, Friday, its intention to resort to international arbitration in the British capital, London, demanding compensation for ending the contract to participate in the production of the two fields.
In a statement, Genel said, "Since the signing of the production sharing contract in February 2017, the company has made all efforts required to develop the two fields, and submitted a large number of development offers, in order to obtain government permission to start development, but it seems that the government was intending not to grant This permission.
Genel signed a production sharing contract for the two fields in 2017, after amending the initial agreement with the government, but it invested in them cautiously, due to the high risks surrounding their future.
The two fields contain approximately 14.8 trillion cubic feet of natural gas, which Genel Energy was planning to export to Turkey, which is witnessing a growing demand for gas, and has its headquarters.
The two fields also contain 130 million barrels of oil and condensate resources.
The dispute has arisen between the KRG and the British company since 2014, at the time of the signing of the initial agreement to develop the two fields, which underwent numerous amendments in the following years.
In 2017, a statement from the Kurdistan Regional Government said, "The government regrets the failure of Genel to provide a reliable offer to develop the Bina Bawi and Miran fields, which negatively reflected on the government's ability to develop them in a timely manner."
Previous negotiations for the British company with the government to start production faltered, and government payments were delayed, as the regional authorities revised the dates for receiving their dues several months ago.
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