Crescent seeks arbitration for Iran gas.Byline: DUBAI: UAE-based Crescent Petroleum is seeking 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. for the failure of Iran's state oil firm to fulfil ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. a gas export contract, Crescent said in a statement. 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. (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 ) has yet to complete testing facilities at its offshore Salman field that should have pumped the Islamic Republic's first gas exports to 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. in December 2005. "We did not want to take this step.... (but) 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 from NIOC in respect of the claims of our customers," Crescent said in the statement. Statements by some NIOC officials had shaken Crescent customers' confidence in NIOC's commitment to the contract, the UAE firm said. Iran's oil minister Gholamhossein Nozari has threatened to take the gas back to the mainland if a new agreement cannot be reached on price. Crescent has said the contract to deliver gas to the UAE already has an agreed price and was internationally binding. NIOC and Crescent signed Crescent sign in radiology refers to a thin, curvilinear lucent line parallel to the cortical margin of the femur which may be seen in avascular necrosis of the hip. Interruption of the blood supply to the femoral head leads to ischemic necrosis of the marrow and bone that it the 25-year contract in 2001, with a price linked to oil. As oil rallied, some officials and politicians in Iran called for a revision to the price formula. They have blamed the price dispute for the delay. Crescent says the two sides provisionally agreed on a revised price in September last year, but that it has heard nothing from NIOC on the price since. Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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