Abu Dhabi – Mubasher: Dana Gas has announced that it is not a direct party to the arbitration with National Iranian Oil Company (NIOC).
Crescent Petroleum, the largest private shareholder in Dana Gas, is the direct party in this arbitration, which began in 2009, according to a bourse statement.
“The tribunal rules in favour of Crescent Petroleum in August 2014...Hearings took place in 2016 and 2017 to decide on the amount of damages NIOC should pay in compensation,” the UAE-based energy producer said.
The final judgment on the amount of damages is scheduled to be in October in 2018, the Abu Dhabi-listed firm added.
