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Thu 6 Dec 2007 12:48 PM

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Iran signals end to two-year gas dispute

NIOC to start supplying natural gas to UAE-based Crescent Petroleum by September next year.

National Iranian Offshore Oil Company (NIOC) expects to start supplying natural gas to Dana Gas shareholder Crescent Petroleum by September, ending a two-year delay, Iran's state-owned IRNA news agency said.

Supplies will start in the first half of Iran's next fiscal year, said Mahmoud Zirakchianzadeh, managing director of NIOC, according a report by the news agency late on Wednesday. The next Iranian year begins on March 20.

"Following the installation of Salman field's platform, the Crescent deal will take effect in the first half of next year," Zirakchianzadeh is quoted as saying.

Sharjah-based Crescent Petroleum, which helped found Dana Gas, will take delivery of the supplies after a delay from the middle of last year because of differences over pricing, the news agency said.

Dana Gas will process the fuel for distribution in the UAE, it said. (Reuters)

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