Iranian Oil Co. Can’t Get $2.4B Award In Gas Deal Fight Nixed

By Caroline Simson (June 30, 2022, 6:38 PM EDT) — A London judge has affirmed a $2.43 billion arbitral award issued to Crescent Petroleum after National Iranian Oil Co. failed to deliver on a 25-year natural gas purchasing contract, saying the tribunal hadn’t been “obviously wrong” to reject the state-owned oil company’s sanctions defense.

High Court Judge Simon Picken said in his decision Thursday the tribunal had correctly pointed out that NIOC had waited too long to argue that its performance under the contract would have been hindered by the sanctions imposed on Iran, only bringing up the point during the damages phase after it had already been found to have…

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Read More: Iranian Oil Co. Can’t Get $2.4B Award In Gas Deal Fight Nixed

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