National Iranian Oil Company issues statement on UK court ruling

According to the NIOC statement, following the decision by the UK Court of Appeal confirming the order to seize the property owned by the Oil Industry Pension, Savings, and Welfare Funds in London, the company is continuing legal efforts through all domestic and international channels to overturn the ruling.

The full statement reads as follows:

The National Iranian Oil Company informs the honorable people of Iran that, following multiple legal and judicial actions by Crescent Petroleum in international courts seeking the seizure of NIOC’s assets and properties worldwide, the UK Court of Appeal has unfortunately upheld a lower court ruling approving the seizure of a building belonging to the Oil Industry Pension, Savings, and Welfare Funds in London.

Crescent’s legal actions to claim ownership of the building began in 2022, following years of efforts and negotiations to resolve contractual disputes. These actions led to a ruling by a lower UK court on April 15, 2024. Unfortunately, despite the defense and follow-ups by NIOC’s legal teams and relevant authorities, the appellate court—through what NIOC describes as an unfair and biased judgment—upheld the decision, preventing the release of the seized property.

Accordingly, the National Iranian Oil Company reaffirms its commitment to continue pursuing all available legal options, including appeal and cassation, in full coordination with relevant bodies such as the Presidential Center for International Legal Affairs, to overturn the ruling and protect the assets and property of the esteemed employees of Iran’s oil industry.