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Crescent Petroleum denies Iran gas cancellation

09 August 2010

UAE-based Crescent Petroleum, the largest shareholder in Dana Gas, has said media reports regarding the cancellation by Iran of a 25-year gas supply contract with the National Iranian Oil Co (NIOC) have been misinterpreted, Reuters has reported. Earlier this week, Iranian media reported that the contract had been cancelled, quoting an official from NIOC. "The 25-year contract between NIOC and Crescent is valid, internationally binding and currently in international arbitration, as is known, and neither side has cancelled it," a Crescent Petroleum spokesman said.

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