ABU DHABI: The United Arab Emirates’ Dana Gas has not been able to reach an acceptable deal with Iran on natural gas imports into the UAE, and an arbitration process will continue, chief executive Patrick Allman-Ward said on Tuesday.
However, Dana is still open to further discussions with Iran, which also wants to see the dispute resolved, Allman-Ward told reporters.
National Iranian Oil Co and Dana’s affiliate Crescent Petroleum signed a 25-year contract in 2001 for Iran to deliver gas to the UAE, with the price linked to oil. But deliveries were suspended as oil prices rose and some officials and politicians in Iran called for a revision to the gas pricing formula.
REUTERS
