An international arbitration panel has awarded $607.5 million in favor of Emirati energy company Dana Gas, following a gas supply dispute with the National Iranian Oil Company. ,
According to Arabiya Net, the dispute is due to a 25-year gas purchase and sale contract between the Crescent Petroleum Company, which is affiliated with Dana Gas, and the Iranian company, as no gas has been delivered.
The compensation awarded follows a ruling in favor of Dana Gas in 2014, and is for the first eight and a half years of the 25-year agreement, which was due to begin in 2005.
Dana Gas said in a statement that a final hearing on a much larger claim for the remaining 16-and-a-half years has been scheduled for October of last year. next in Paris, and a decision is scheduled to be issued in this regard in 2023.
She added that the current amount awarded would significantly boost her balance sheet.
