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Iran Supreme Court ratifies Crescent convicts’ sentences

Business Materials 17 October 2015 10:18 (UTC +04:00)
The Supreme Court of Iran has ratified the sentences of the convicts of the infamous Crescent gas deal
Iran Supreme Court ratifies Crescent convicts’ sentences

Tehran, Iran, Oct. 14

By Mehdi Sepahvand -- Trend:

The Supreme Court of Iran has ratified the sentences of the convicts of the infamous Crescent gas deal.

The UAE-based energy firm Dana Gas said last August that an international tribunal had issued a favorable ruling in the dispute over a natural gas-supply contract between its affiliate Crescent Petroleum and Iran. Iran has been fined $13.85 billion over the deal.

The tribunal ruled a 25-year contract for National Iranian Oil Co (NIOC) to supply gas to Crescent was valid and binding on both parties, and that NIOC has been obligated to deliver gas since December 2005‫.

The convicts have been sentenced to dismissal from their governmental positions and each was fined $167 thousand, Fars news agency reported Oct. 14.

Branch 80 of Tehran Province Criminal Court last year collected independent reports by three related organizations from the legislative, executive, and judiciary branches as part of efforts to investigate the case.

The outcome of the case was that six former members of the National Iranian Oil Company's board of directors were convicted of collusion.

It is expected that the verdict will bring about fundamental changes in the Iranian Ministry of Petroleum because some of the convicts currently hold key positions in the ministry.

Some officials such as Industry Minister Mohammad Reza Nematzadeh and Culture Minister Ali Jannati had previously said that if Iran acts to the deal, the country would suffer as much as 14 to 18 billion dollars. However, experts say in contrast that due to the low price given to the gas in the deal, if Iran acts to the deal it will suffer far beyond those numbers.

Edited by CN

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