The anniversary coincides with the UAE’s decision to extend the ‘Year of Sustainability’
Last week, Iranian media reported that the contract had been cancelled, quoting an official from NIOC.
“The Iranian official’s statement appears to have been misinterpreted,” a Crescent Petroleum spokesman said.
“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,” he added.
Dana shares fell as much as 6.3 per cent on the Abu Dhabi bourse amid reports of Iran cancelling the contract, traders said. Crescent has a 20.4 per cent stake in Dana Gas. “Investors are showing concern on what this could mean for Dana Gas,” said Mohamed Khaled, risk manager at Prime Emirates.
NIOC and Sharjah-based Crescent signed the 25-year gas contract in 2001, with a price linked to oil. But as oil rallied some Iranian officials called for a revision to the price formula and blamed the price dispute for delivery delays. —
The anniversary coincides with the UAE’s decision to extend the ‘Year of Sustainability’
Redwood Center of Excellence offers a nurturing environment with an IB Primary Years Programme, blending Montessori, Reggio Emilia, EYFS, and STEM, ensuring holistic development for children
Both countries will not only promote existing relations in petrochemical, energy and infrastructure but they are keen to explore new avenues and sectors to diversify their economic relations
UAE’s most-awarded nursery chain pioneers quality education and child development across 30 convenient locations in the UK and UAE
Unveiling the strategies driving the UAE's spa and wellness industry to new heights
Say goodbye to layover woes and hello to unforgettable adventures with Turkish Airlines' Stopover Istanbul and Touristanbul programmes
It will be important to watch if the central bank nudges the South Asian currency higher as a slight downward bias is likely to persist in the market, says expert
K. Padmarajan, a 65-year-old tyre repair shop owner, began fighting elections in 1988 from Tamil Nadu state