The largest energy investor in Iraqi Kurdistan, Sharjah-based Dana Gas, has begun arbitration proceedings against the Kurdistan Regional Government (KRG) at the London Court of International Arbitration. Dana and its partners in Iraq say they want to “clarify certain contractual rights”, and recoup more than $1bn in unpaid receivables. The KRG says there are no outstanding receivables and that, in fact, Dana and its affiliates owe Erbil money. Dana’s KRG interests are held via a 40% share of Pearl Petroleum, which is co-owned by Dana’s main shareholder, Crescent Petroleum (40%), OMV Upstream International (10%) and MOL Hungarian Oil and Gas (10%).