The UK Supreme Court has formally registered an appeal by the National Iranian Oil Company (NIOC) in the long running “Crescent” dispute, a move that could prevent the confiscation of a valuable pension fund property in central London.
The case, known as the “Crescent dispute,” stems from a 2001 gas contract between NIOC and the Emirati firm Crescent Petroleum. Following disagreements, the matter was referred to international arbitration, which issued a ruling that has since formed the basis of Crescent’s financial claims.
In recent years, Crescent has sought recognition and enforcement of the award in several jurisdictions, including the UK, targeting assets linked to NIOC. One such case involves the building owned by the Oil Industry Pension Fund on Victoria Street, London, commonly referred to as the “NIOC House.”
Earlier, the UK Court of Appeal had ruled in Crescent’s favor, strengthening the likelihood of confiscation. Crescent argued that NIOC transferred ownership of the property to the pension fund to shield its assets from creditors after the arbitration ruling.
Iran’s lawyers filed the Supreme Court appeal on October 2, under the “appeal as of right” mechanism.
Legal experts note that the Supreme Court’s acceptance means the arguments of both sides and the rulings of lower courts will be reexamined. The Supreme Court is the only judicial body in the UK with the authority to overturn lower court decisions, and it typically intervenes only in cases with broad legal and public significance.
