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11-16-2010, 09:54 AM
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DNO Pays Galbraith and Keeps Business in Kurdistan (http://www.rudaw.net/english/world/3213.html)
11/10/2010 12:04:00By HAWAR ABDUL-RAZAQ (http://www.rudaw.net/english/author/admin/)
http://www.rudaw.net/english/thumbnail.php?file=peter_709332054.jpg&size=article_medium
Peter W. Galbraith, former United States diplomat.------------- Photo/acus.org.
ERBIL, Iraqi Kurdistan: The Norwegian Oil company, DNO, said that even though they do not agree with the court’s verdict in their case against former United States diplomat, they will still abide by the decision made by the British Court to pay over fifty millions of dollars to a former a US diplomat.
According to a report by the New York Times, a British court has made DNO responsible to pay $55-$75 million to Peter W. Galbraith, former United States diplomat who advised the Kurds during the negotiations on Iraq’s Constitution, and a Yemeni investor for their stake in a widely criticized oil deal involving Iraq’s rich northern fields.
“We disagree with the award but have to respect the arbitrator’s reward” said DNO’s spokesman, Tom Bratlie, in an email to Rudaw.
The paper also said that the court decision had stemmed from a stake in that deal claimed by Mr. Galbraith and the Yemeni investor, Shaher Abdulhak.
A Norwegian business associate who had worked with Mr. Galbraith in the original talks has said that he sold his interest in the deal to Mr. Abdulhak.
“Again, we disagree with the award. What is important for DNO is to put this thing behind us and focus 100 % on developing the company further,” said Bratlie.
“Whether we judge this to be fair or not, is not important.”
The Times said that in the past Iraqi government officials and American analysts asserted that Mr. Galbraith’s dual role during the constitutional negotiations implied a conflict of interest, since the provisions he championed could have increased the value of his own interests. But he has rejected such claims saying that he was merely helping the Kurds press their long-stated policy goals.
“So, while I may have had interests, I see no conflict,” Mr. Galbraith said last year.
DNO’s spokesperson also said that his company did not regret for hiring Galbraith.
“What is important is that we are fully financially able to cover this and that we are able to put this thing behind us and to continue to develop the company” said Bratlie.
Furthermore, he said that this outcome will not have any affect on the company’s activities in the Kurdistan region.
“We see no reasons for the award to have any effect on our operations in Kurdistan.”
He added that his DNO is going to drill “at least” 3 oil wells within the next 12 months.
DNO Pays Galbraith and Keeps Business in Kurdistan (http://www.rudaw.net/english/world/3213.html)
11/10/2010 12:04:00By HAWAR ABDUL-RAZAQ (http://www.rudaw.net/english/author/admin/)
http://www.rudaw.net/english/thumbnail.php?file=peter_709332054.jpg&size=article_medium
Peter W. Galbraith, former United States diplomat.------------- Photo/acus.org.
ERBIL, Iraqi Kurdistan: The Norwegian Oil company, DNO, said that even though they do not agree with the court’s verdict in their case against former United States diplomat, they will still abide by the decision made by the British Court to pay over fifty millions of dollars to a former a US diplomat.
According to a report by the New York Times, a British court has made DNO responsible to pay $55-$75 million to Peter W. Galbraith, former United States diplomat who advised the Kurds during the negotiations on Iraq’s Constitution, and a Yemeni investor for their stake in a widely criticized oil deal involving Iraq’s rich northern fields.
“We disagree with the award but have to respect the arbitrator’s reward” said DNO’s spokesman, Tom Bratlie, in an email to Rudaw.
The paper also said that the court decision had stemmed from a stake in that deal claimed by Mr. Galbraith and the Yemeni investor, Shaher Abdulhak.
A Norwegian business associate who had worked with Mr. Galbraith in the original talks has said that he sold his interest in the deal to Mr. Abdulhak.
“Again, we disagree with the award. What is important for DNO is to put this thing behind us and focus 100 % on developing the company further,” said Bratlie.
“Whether we judge this to be fair or not, is not important.”
The Times said that in the past Iraqi government officials and American analysts asserted that Mr. Galbraith’s dual role during the constitutional negotiations implied a conflict of interest, since the provisions he championed could have increased the value of his own interests. But he has rejected such claims saying that he was merely helping the Kurds press their long-stated policy goals.
“So, while I may have had interests, I see no conflict,” Mr. Galbraith said last year.
DNO’s spokesperson also said that his company did not regret for hiring Galbraith.
“What is important is that we are fully financially able to cover this and that we are able to put this thing behind us and to continue to develop the company” said Bratlie.
Furthermore, he said that this outcome will not have any affect on the company’s activities in the Kurdistan region.
“We see no reasons for the award to have any effect on our operations in Kurdistan.”
He added that his DNO is going to drill “at least” 3 oil wells within the next 12 months.