Publishe Date: 7:48 PM - 11/20/2017 | Print

Iran reacts to UAE gas company claim

Economy - An informed source close to Iran's Ministry of Petroleum on Monday reacted to a claim raised by Dana Gas of the United Arab Emirates (UAE) about the former's gas importation to the Persian Gulf littoral state's gas company.

'In response to the statement made by Dana Gas chief executive in relation to Iranian gas importation to UAE, a well-informed authority of the National Iranian Gas Company (NIGEC) expressed that following the issuance of the arbitration award of 31 July 2014 in the case between the National Iranian Oil Company (NIOC) and the Crescent (a multinational company headquartered in the UAE) confirming that the GSPC is valid, in effect and binding on the parties, NIOC has been officially offering to supply gas to Crescent,' the unnamed source told the Islamic Republic News Agency (IRNA) exclusively.

He added, 'NIOC's first offer in this regard was made to Crescent over two years ago. Nevertheless, since then, Crescent has been unable or unwilling to take delivery. However, NIOC has been ready, willing and able to deliver the gas during this period in accordance with the Contract. However, due to Crescent’s inability or unwillingness, NIOC has to date been unable to commence the supply of gas to Crescent.

'In any event, NIOC is fully determined to perform the Contract which includes its pricing formula and price revision mechanisms as integral part of it.'


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