DUBAI (Zawya Dow Jones)--Crescent Petroleum, a private oil and gas firm based in the UAE, has resolved a pricing dispute with Iran to import gas, Saudi-based Alsharq Al Awsat reported Sunday citing people aware of the matter.
Last week, Iranian Mehr news agency cited the managing director of the Iranian Offshore Oil Co. as saying that Iran will supply gas to the UAE from the middle of 2008.
The agreement will supply 540 million cubic feet a day in gas to Crescent Petroleum and its affiliate Dana Gas (DANA.AD) for the emirates, where demand for the fuel is soaring amid record economic growth.
The deal, which originally envisaged gas supplies to begin this year, had been blocked due to opposition within the Iranian government.