DUBAI: Dana Gas, an energy firm based in the UAE emirate of Sharjah, has been awarded $607.5 million in damages in its gas dispute case with Iran’s state-owned oil producer.
The Abu Dhabi-listed company will enter another round of arbitration with the National Iranian Oil Company (NIOC), where the claim will be much larger, it said in a stock exchange filing.
The case involves a 25-year contract signed by NIOC and Crescent Petroleum in 2001 for Iran to supply 600 million cubic feet of gas by pipeline to Sharjah.
NIOC failed to comply due to a dispute over contracted price, and the companies have been under international arbitration since then.
