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Crescent Denies Gas Agreement with Iran

Service : Politic
TEHRAN, April 11 (ICANA) – The general manager of the Crescent Petroleum Company in Tehran denied reports about reaching an agreement with Iran on exporting natural gas to the United Arab Emirates.
Monday, April 11, 2011 10:33:56 PM
Crescent Denies Gas Agreement with Iran

IRNA quoted Hamid Zaheri as saying that no new agreement has been reached and that the case is being studied in the International Court of Justice.

Some Iranian media reported on Sunday that the Crescent Petroleum Company has reached an agreement with Iran on exporting natural gas to the United Arab Emirates at the highest rate in the Persian Gulf region, five times the previously proposed price.

The UAE-based Crescent National Gas Corp. signed a memorandum of understanding with the National Iranian Oil Company in 2001 to import natural gas from Iran’s Salman field through a pipeline jointly built by Iran and Crescent.

According to the MOU, Iran was supposed to export 600 million cubic feet of natural gas per day to the UAE for 25 years starting in 2005.

As oil rallied in the following years, some officials in Iran called for a revision of the price formula. They blamed the price dispute for the delay in the export of gas to the UAE.

Crescent decided to seek international arbitration for what it called the failure of Iran’s state oil company to fulfill the terms of the gas export contract.

However, Iranian officials repeatedly stated that the NIOC-Crescent deal would only be implemented if it served Iran’s national interests.

The Iranian parliament on Sunday asked the government to annul a long-debated gas contract with Crescent.

Rapporteur of the parliament's 'Article 90' Commission Hossein Eslami told FNA on Sunday that the commission has asked for the annulment of the contract after it long probes into the agreement.

"At the end of studies, the Article 90 commission concluded that the contract is against the interests of the Islamic Republic of Iran in nature," Eslami stated, adding that the commission has already informed the Iranian Oil Ministry of the issue and asked the ministry to take proper measures to revoke the contract.

"The percentages as well as the interests of the crescent contract were in no way in the interest of Iran," the lawmaker added.

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