Dana Gas says tribunal awards it US $607.5 mln against Iran's oil deal
Dana gas, energy company based in the United Arab Emirates, said that it has been awarded US$607.5 million by the international arbitration tribunal, in an arbitration against National Iranian Oil company.
The case was due to a 25 year gas sales agreement between Dana Gas affiliate Crescent Petroleum and NIOC. According to Dana Gas the gas was never delivered.
The company said that the award was for the first eight and half years of the agreement which was due to begin in 2005. The second arbitration with a much larger claim for the 16.5 years remainder of the contract from 2014 to 2030 is currently underway, with the final hearing fixed for October of next year, said the company in the statement.
"The current award of US$607.5 million (AED 2.23 Billion) will significantly bolster the balance sheet of Dana Gas," the company added.
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