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Page added on February 27, 2006

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Iran may scrap gas deal with Crescent Petroleum

TEHERAN

“What is now obvious is that the price in the contract has got a lot of problems,” Daneshyar told Dow Jones Newswires in a telephone interview. “Therefore, either the price should be corrected or the contract revoked.”

A spokesman for Crescent played down such suggestions. “As for the issue of gas pricing, there are proper mechanisms in the contract for addressing these over the 25-year life of the agreement, which is normal in the industry,” the spokesman said, describing the deal as “firm and internationally binding.”

Khaleej Times



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