Dana Gas says contract between Crescent, Iran remains valid

Bloomberg: Dana Gas PJSC, a United Arab Emirates energy company, said a natural-gas contract between its largest shareholder Crescent Petroleum Co. and National Iranian Oil Co. remains binding.

By Shaji Mathew

Aug. 8 (Bloomberg) — Dana Gas PJSC, a United Arab Emirates energy company, said a natural-gas contract between its largest shareholder Crescent Petroleum Co. and National Iranian Oil Co. remains binding.

“In relation to the 25-year contract between our partner Crescent Petroleum and NIOC, we have been notified by Crescent Petroleum that the contract remains valid and internationally binding on the parties,” Dana Gas said in e-mailed statement today. “It is currently in international arbitration, as is known, and neither party has cancelled it.”

Dana Gas said its rights remain unaffected and said it was responding to “incorrect media reports.”

IranOilGas.com reported today the contract has been cancelled.