Iran fined $ 607.5 million for one-third of the Crescent contract

According to the Fars International Economic Group, quoted by Reuters, the Emirati company “Dana Gaz” announced today that the International Court of Arbitration has sentenced the National Iranian Oil Company to pay a fine of $ 607.5 million due to a dispute over gas supply with this company. .

“These disputes are related to a 25-year gas sales contract between the company.”Crescent Petroleum is affiliated with Dana Gas Company and the National Iranian Oil Company. The Emirati company claims that the gas was never delivered.

The damage is related to the first eight and a half years of the 25-year agreement, which was scheduled to begin in 2005. In 2014, a verdict was issued in favor of Dana Gaz.

Dana Gaz said in a statement that the last hearing on the much larger claim, for the remaining 16 and a half years, is scheduled for October next year in Paris, and that the decision on the fine will be made in 2023.

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