The United Arab Emirates-based Crescent Petroleum is awaiting a response from Irans oil ministry on its proposed price hike on a gas export deal, the semi-official Fars news agency reported on Wednesday. The National Iranian Oil Co (NIOC) and Crescent Petroleum Group agreed on a deal in 2001 to deliver natural gas from Irans offshore Salman field to the UAE to meet the neighbouring Gulf countrys growing energy demand.
But the deal was stalled over demands by Iran for a "fair" gas price. "The al-Halal oil company has agreed to a price higher than what had been previously announced, and has called on (Irans) Oil Ministry to give its opinion on it," the agency quoted Majid Hamid Jafar, the executive director of Crescent, as saying.
Crescent Petroleum is an affiliate of al-Halal oil company. He said the agreement on a higher price on the disputed gas export to the UAE was secured in negotiations with the representatives from the office of Irans President Mahmoud Ahmadinejad.