Court ruling on Kurdistan gas field compensation good news for MOL

Recycling

The London Court of International Arbitration has ruled that Kurdistanʼs regional government must pay $1.98 billion in compensation to an international consortium leading explorations on gas fields in Kurdistan, the UEʼs Dana Gas, a member of the consortium, said. 

The courtʼs binding, final ruling came after years of legal disputes and is good news for Hungarian oil company MOL, which has a 10% stake in the project, online news portal napi.hu reported on Sunday.

The Kurdistan regional government gave the consortium a 25-year concession for the project in 2007. The consortium has so far invested USD 1.2 bln and exploited 150 mln oil barrels worth of natural gas and liquid carbon hydrogen, napi.hu said.

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