The UAE-based energy firm Dana Gas said on Monday its portion of interest accrued on an international arbitration tribunal award of $607.5 million in a gas supply dispute with National Iranian Oil Co. (NIOC) was $31.84 million as of February 2023.
The dispute concerns a 25-year gas sales and purchase contract between Dana Gas affiliate Crescent Petroleum and NIOC. Dana Gas said the gas was never delivered.
A Dana Gas update on the Abu Dhabi Securities Exchange said all of NIOC’s challenges to the award have now been dismissed by the English High Court in London, and the award has been confirmed by courts in the UAE, the United Kingdom and in the Netherlands. There are various enforcement procedures underway, including the attachment of NIOC’s assets, it said.
Confirmation proceedings are also underway in other jurisdictions including the United States and Greece, it added.
The damages awarded, which follow a ruling in favour of Dana in 2014, are for the first eight and a half years of the 25 year agreement that had been due to start in 2005.
A second arbitration with a much larger claim for the 16.5 years remainder of the contract from 2014 to 2030 is currently underway. “The final hearing in the second arbitration was scheduled for March 2023 but will be rescheduled following postponement due to the resignation of NIOC’s external lawyers,” Dana Gas said in the statement.