Tuesday 18 August 2009

UAE's Mubadala denies Iran gas import talks

Abu Dhabi-based investment firm Mubadala Development Co denied Monday news reports it's in talks with the National Iranian Oil Co. over importing Iranian gas into the UAE.

"Neither Mubadala nor any of its subsidiaries is involved in discussions with the National Iranian Oil Company regarding the importation of gas to the UAE.," a Mubadala spokeswoman told the Zawya Dow Jones.

Semi-official Tehran-based Mehr News Agency had reported on Sunday that Mubadala Petroleum Services Co., a subsidiary of Mubadala Development Co., had bid to import Iranian gas.

The Mehr report said that both the NIOC and Mubadala have reached a preliminary agreement.

Iran has been in dispute with another UAE.-based company, Crescent Petroleum, over the supply of gas recently, culminating in Crescent's threatening to take the matter to international arbitration.END

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