Crescent Petroleum looks forward to Iran, KRG arbitration deals

Sharjah-based Crescent Petroleum expects by end-year to resolve its $11bn arbitration case against the Kurdistan Regional Government (KRG). The case, over overdue payments and contractual issues arising from gas sales; is scheduled to be heard at the London Court of International Arbitration in September. A separate case, against National Iranian Oil Company over an unfulfilled contract to purchase Iranian gas for shipment by pipeline to the UAE has been delayed by one month for unspecified “procedural reasons”, until October, chief executive Majid Jafar told Bloomberg in Dubai on 26 June.