Dana Gas

Energy
United Arab Emirates

"United Arab Emirates-based energy firm Dana Gas said an international tribunal had issued a favourable ruling in the dispute over a natural gas supply contract between its affiliate Crescent Petroleum and Iran. The tribunal ruled a 25-year contract for National Iranian Oil Co (NIOC) to supply gas to Crescent was valid and binding on both parties, and that NIOC has been obligated to deliver gas since December 2005, Dana said in a statement on Sunday. NIOC and Crescent signed the 25-year contract in 2001, with the price linked to oil. But deliveries were delayed as oil prices rose and some officials and politicians in Iran called for a revision to the gas pricing formula. Crescent Petroleum started arbitration proceedings in July 2009; a three-person arbitration tribunal was formed under terms of the contract." (Reuters, "UAE's Dana Gas says tribunal gives favourable ruling on Iran deal," 8/10/14)