Mubadala bids for Iran gas as Crescent deal stalls

The UAE-based Mubadala Petroleum Services Company has offered a bid to import Iranian gas as the National Iranian Oil Company-Crescent National Gas Corporation deal has hit a standstill, the Mehr News Agency reported on Sunday.

NIOC and Mubadala have reached a preliminary agreement, the report says, adding Iran will start to deliver up to 10 million cubic meters of gas per day to the Emirati company some three years after finalizing the agreement.

This volume of gas will be transferred for a period of 25 years through a subsea pipeline.