Crescent Sees $11 Billion Kurd Gas Claim Decided This Year

U.A.E.-based company seeks damages over Middle East gas deals
Separate hearing in Iran arbitration case set for October

Crescent Petroleum CEO Sees Oil Reaching $60 This Year

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Anthony Di Paola

June 26, 2016 at 4:16 PM UTC

Updated on

June 27, 2016 at 1:39 PM UTC

This article is for subscribers only.

Crescent Petroleum Co., the United Arab Emirates-based oil and natural gas producer, expects its $11 billion arbitration case against the Kurdistan Regional Government in Iraq to be decided later this year.

The company is scheduled for a hearing in September at the London Court of International Arbitration in its case against the KRG over gas sales in the Kurdish region, Crescent Chief Executive Officer Majid Jafar said Sunday in an interview in Dubai. A separate hearing in an arbitration case against Iran’s state oil company has been delayed by one month until October, he said. Both cases could result in cash awards for Crescent and its listed affiliate Dana Gas PJSC. Crescent has a 19 percent stake in Dana Gas, according to data compiled by Bloomberg.