Dubai: Abu Dhabi-listed Dana Gas said on Sunday its affiliate Crescent Petroleum has received a favourable ruling by an international tribunal over a contract dispute with an Iranian state company.
The tribunal ruled that a 25-year contract between Crescent Petroleum and the National Iranian Oil Company (NIOC) is valid and binding on both parties, and that the NIOC has been obligated to deliver gas under the contract since 2005.
The case has been the subject of international arbitration since June 2009. NIOC and Crescent signed the 25-year contract in 2001.
“Crescent Petroleum also expressed its hope that all matters can now be amicably resolved through constructive discussions with NIOC,” Dana Gas said in its statement, and added that it was “pleased” with the outcome.
Last week, Dana Gas group chief executive Patrick Allman-Ward reportedly said that the company’s operations in Kurdistan are continuing normally with no security threats so far. When contacted by Gulf News on Sunday, a spokesperson for the company said that nothing had changed despite the United States launching air strikes against Islamic insurgents in Iraq over the weekend.
Dana Gas shares rose 1.7 per cent to Dh0.70 on the Abu Dhabi Securities Exchange (ADX) on Sunday.
