Genel Energy Loses Arbitration Over Kurdistan Contracts

Genel Energy (GB:GENL) has released an update.

Genel Energy has faced a setback as the London Court of International Arbitration ruled in favor of the Kurdistan Regional Government, allowing them to terminate production sharing contracts for the Bina Bawi and Miran fields. Genel’s counterclaim for damages was dismissed, marking a significant challenge for the company. The decision impacts Genel’s rights to develop these fields, with future cost determinations still pending.

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