Crescent Petroleum falls out with Iran's NIOC.Byline: news@cpifinancial.net (Staff Writer) Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. Petroleum said it is taking its gas supply contract with the National Iranian Oil Company The National Iranian Oil Company (NIOC), under the direction of the Ministry of Petroleum of Iran, is an oil and natural gas producer and distributor headquartered in Tehran. It was established in 1948. to international arbitration International arbitration is the established method today for resolving disputes between parties to international commercial agreements. As with arbitration generally, it is a creature of contract, i.e. , in response to demands for performance by customers in the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. who have lost patience after three and a half year of delays in delivering of the contractual commitments of natural gas by NIOC NIOC National Iranian Oil Company NIOC Navy Information Operations Command (US Navy) NIOC Naval Information Operations Command (US Navy) NIOC Northern Illinois Orienteering Club . "The 25-year contract, which is Iran's first contract for gas export from the south of Iran, was <p>between Crescent and NIOC in 2001 after several years of negotiations. NIOC contractually committed to commence gas deliveries in December 2005. The contract provides for any disputes to be determined by international arbitration under the rules of the International Chamber of Commerce," a statement from Crescent claimed. "NIOC contractors have announced that they finally expect to achieve technical readiness later this summer, but we have still not had official notification of a date of readiness to deliver gas from NIOC despite numerous letters to the Iranian Petroleum Minister as NIOC Chairman requesting confirmation of a date. Also certain negative public statements by some NIOC officials have led to loss of confidence in NIOC's respect for its contractual commitments, and we are therefore seeking legal determination of the obligations of both parties. We hope for a successful final resolution of all matters so that gas deliveries can finally commence on this important project, which will bring great benefits to the region's economy," the company said. "We did not want to take this step - Crescent and its customers in the UAE have been extremely patient, but with entering the fourth summer with still no contractual gas supplies, some of our customers have lost patience and are demanding performance, leaving us with no option but to seek a determination on the legal obligation of NIOC to deliver gas, and also to seek an indemnity Recompense for loss, damage, or injuries; restitution or reimbursement. An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. from NIOC in respect of the claims of our customers." the statement continued. 2009 CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I Financial. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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