Dow Jones: Crescent Petroleum expects an arbitration tribunal to issue a decision in February 2012 on its natural gas dispute with the National Iranian Oil Co., or NIOC, Crescent’s chief executive said Wednesday.
LONDON (Dow Jones)–Crescent Petroleum expects an arbitration tribunal to issue a decision in February 2012 on its natural gas dispute with the National Iranian Oil Co., or NIOC, Crescent’s chief executive said Wednesday.
“The hearing has been set for February 2012 in The Hague and the tribunal decision is internationally binding,” Majid H. Jafar told Dow Jones Newswires on the sidelines of an Iraqi oil conference here.
Crescent Petroleum and NIOC signed a 25-year contract worth up to $1 billion in 2001, under which the Islamic Republic of Iran agreed to pipe some 500 million cubic feet a day of natural gas from the Salman offshore field to Sharjah, UAE.
-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; [email protected]
