UAE energy firm Dana Gas has won a $607.5 million (AED 2.23 Billion) reward in a dispute case with the state-owned Iran's national oil company (NIOC) from a tribunal for damages related to a contract.
Crescent Petroleum, an affiliate of Sharjah-based Dana Gas, had a 25-year gas sales purchase deal that the National Iranian Oil Company (NIOC) violated by the failure to supply, in a statement.
Dana Gas said it will claim a much larger award for damages in another round of arbitration with the NIOC as this first arbitration covers the period of the first 8.5 years of the 25-year gas sales agreement from 2005 to 2014 only.
The second claim would cover the rest 16.5 years remainder of the contract from 2014 to 2030.
