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An international court of arbitration in the Hague has ruled against Iran in a decade-long dispute over the non-supply of Iranian gas to the UAE.
The dispute centers on a failed 25-year deal signed in 2001 between the National Iranian Oil Company (NIOC) and Crescent National Gas Corporation, a company jointly owned by Dana Gas and its largest shareholder Crescent Petroleum, for the supply of up to 600mn cfd (6.2bn cu ms/year) of Iranian gas, to begin in 2005. The gas was set to have been piped to Sharjah from the offshore Salman field that Iran shares with the UAE. Salman gas was once touted as a major part of the UAE’s answer to its emerging gas supply deficit. (CONTINUED - 376 WORDS)