Genel Energy Faces Setback in Arbitration Case

Genel Energy has announced that it received an arbitration award from the London Court of International Arbitration in favor of the Kurdistan Regional Government (KRG). The KRG initially filed a claim in December 2021 to terminate the Bina Bawi and Miran production sharing contracts. Genel had counterclaimed for damages due to the loss of its development rights.

The Tribunal ruled that the KRG's termination of the contracts was valid, dismissing Genel's counterclaim. The decision on arbitration costs will be made in a future award. Genel’s Chairman, David McManus, expressed disappointment, noting the diligence of their internal team and external advisors throughout the arbitration process.