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Crescent says Iran gas deal still valid

Dubai, August 8, 2010

UAE-based Crescent Petroleum on Sunday said Iran did not cancel a 25-year gas supply contract it had signed with the National Iranian Oil Company (NIOC).   

Last week, Iranian media reported that the contact had been cancelled, quoting an official from NIOC.

'The Iranian official's statement appears to have been mis-interpreted,' said a Cresent Petroleum spokesman.   

'The 25-year contract between NIOC and Crescent is valid, internationally-binding and currently in international arbitration, as is known, and neither side has canceled it,' he added.

NIOC and Sharjah-headquartered Crescent signed the 25-year gas contract in 2001, with a price linked to oil. But as oil rallied some Iranian officials called for a revision to the price formula and blamed the price dispute for delivery delays. - Reuters




Tags: Iran | NIOC | gas | Crescent |

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