September 28, 2021
United Arab Emirates energy firm Dana Gas DANA.AD said on Tuesday an international arbitration tribunal had awarded it $607.5 million in a gas supply dispute with National Iranian Oil Co.
The dispute concerns a 25 year gas sales and purchase contract between Dana Gas affiliate Crescent Petroleum and NIOC. Dana Gas says the gas was never delivered.
NIOC could not immediately be reached for comment.
The damages awarded, which follow a ruling in favour of Dana in 2014, are for the first eight and a half years of the 25 year agreement that had been due to start in 2005.
A final hearing on a “much larger claim” for the remaining 16.5 years has been set for October next year in Paris with a decision on that award due in 2023, Dana Gas said in a statement.
It added that the current amount awarded would “significantly bolster” its balance sheet.