By settling a longstanding legal suit, the Kurdistan Regional Government of Iraq (KRG) has made further progress in efforts to restructure and pay down debts ahead of its independence referendum in late September. According to the KRG Ministry of National Resources, the Kurdish government and the Pearl Petroleum consortium have reached a final agreement to settle disputes between the two. The consortium had claimed $26.5 billion in damages due to production and project delays and unpaid invoices, of which it has been awarded about $2.2 billion. Under the final settlement, the KRG will immediately pay the Pearl Petroleum consortium $600 million and earmark another $400 million for investment. The consortium will increase natural gas production by 160 percent, selling half the product to the KRG and either marketing the remaining natural gas within Iraq or exporting it.