|By TAP Staff| The international arbitration in relation to the gas sales and purchase contract between its partner Crescent Petroleum and the National Iranian Oil Company (NIOC) for the supply of gas to the UAE has given its final verdict, proclaiming the contract binding on all the parties.
The issue has been the subject of international arbitration since June 2009.
Dana Gas announced in a release that it has been notified by Crescent Petroleum that the Arbitration Tribunal has issued a final award for the merits phase of the proceedings, determining that the 25-year contract between it and NIOC is valid and binding upon the parties, and that NIOC has been obligated to deliver gas under the contract since December 2005. Crescent Petroleum also expressed its hope that all matters can now be amicably resolved through constructive discussions with NIOC.
Dana Gas expressed happiness over the outcome and promised to continue to keep the market informed of further updates.