Genel Energy Ordered to Pay Costs in KRG Arbitration Case

Genel Energy plc has been informed by the Tribunal of a cost order regarding the arbitration involving the Bina Bawi and Miran Production Sharing Contracts (PSCs). Genel's subsidiary, Genel Energy Miran Bina Bawi Limited (GEMBBL), is instructed to pay the Kurdistan Regional Government (KRG) US$26,868,905.29 in recoverable costs. These costs were incurred during the London Court of International Arbitration case initiated by the KRG in December 2021.

The Tribunal's decision also includes post-award interest, calculated at the one-month US Dollar LIBOR or SOFR rate, plus 2%, compounded monthly. Notably, the awarded sum is less than the KRG's initial claim of approximately $36 million, as stated in Genel’s January 2025 Trading Update.