Crescent says no agreement on gas prices with Iran, Mehr reports

Bloomberg: Crescent Petroleum Co., the biggest shareholder in Dana Gas PJSC (DANA), hasn’t reached an agreement with Iran on natural-gas prices for exports to the United Arab Emirates, according to Mehr.

Bloomberg

By Ladane Nasseri

Crescent Petroleum Co., the biggest shareholder in Dana Gas PJSC (DANA), hasn’t reached an agreement with Iran on natural-gas prices for exports to the United Arab Emirates, according to Mehr.

No agreement has been reached between the two parties and the contract is in international arbitration, the state-run news agency said, citing Hamid Zaheri, Crescent’s general manager in Tehran.

Iran and the U.A.E. agreed on pricing for exports of Iranian natural gas, the state-run Fars news agency reported yesterday, citing an unidentified official. Gas will be transferred from Iran’s Salman field to the U.A.E. at a price five times higher than that of gas from nearby Qatar, said the official, whom Fars described as familiar with the talks.

Fars said the agreement seemed to refer to a long-delayed contract between Crescent Petroleum and the National Iranian Oil Co. for gas exports from southern Iran. The two sides reached an agreement in 2001, with deliveries originally scheduled to start in 2005. Iran later raised the price it had proposed, blaming a sharp increase in international gas prices, Fars said.