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Iran says Crescent gas deal with UAS will take effect mid-2008

TEHRAN, Dec. 4 (Mehr News Agency) - The Crescent project, Iran's gas export to the United Arab Emirates, will kick off next Iranian year (to start March 20, 2008), said Iranian Offshore Oil Co. (IOOC) Managing Director Mahmud Zirakchianzadeh in Tehran on Tuesday.

"Following the installation of Salman field's platform, the Crescent deal will take effect in the first half of next (Iranian) year," he said, adding that the field's total output will be 540 million cubic feet per day.

To this end, the field is to produce 500 million cubic feet of gas and prevent the burning of 40 million cubic feet of associated gases, added the IOOC chief.

"The platform helps both contracting sides of the Crescent deal, prompting Iran and the UAE to put aside their disagreements and to focus more on the project," Zirakchianzadeh told the MNA.

The Crescent deal will be Iran's first experience of exporting gas to a Persian Gulf state.

The gas purchase deal of Crescent, also an Emirati firm, with Iran has been held up on a price row for two years.

Iran has announced it will not pump the commodity to the neighboring state until the price article is revised.

Crescent Petroleum had expected first deliveries of gas in mid-2006, reported the Petroenergy Information Network (PIN), adding the initial agreement was for the supply of 600 million cubic feet per day.

Crescent's affiliate Dana Gas was to process and transport the gas to utilities and industrial users in the UAE.

... Payvand News - 12/05/07 ... --

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