Latest development Jan 23, 2026
The Dutch Supreme Court dismissed NIOC’s cassation appeal.
The award
- Amount awarded
- More than $2.4B across two London awards
- Current estimate
- More than $2.75B with interest
- Award holder
- Crescent Petroleum Company International and Crescent Gas Corporation (UAE)
- Respondent
- National Iranian Oil Company (NIOC)
- Forum
- PCA 2009-20 · seat London
Challenges
NIOC’s challenges in the English courts failed. A second-phase arbitration is ongoing, and NIOC challenged the tribunal in June and August 2026.
Enforcement
England: the court unwound the transfer of NIOC House under section 423 of the Insolvency Act and ordered it to Crescent Gas ([2024] EWHC 835 (Comm), upheld in [2025] EWCA Civ 1211). Netherlands: a Dutch property was sold in July 2025, and the Supreme Court dismissed NIOC’s cassation appeal on January 23, 2026. Greece: enforcement upheld (2025). United States: the D.D.C. confirmed the awards on April 30, 2024.
Recovered to date
NIOC House in London (reported at about £100M) and the proceeds of the Dutch sale