WANA (Feb 27) – Iran’s Vice Presidency for Legal Affairs announced that the arbitration tribunal has rejected Crescent Petroleum’s claim that the National Iranian Oil Company (NIOC) is liable for damages incurred by third-party companies contracting with Crescent.

 

In a ruling dated February 24, 2025, the Crescent arbitration tribunal dismissed Crescent Petroleum’s demand for a declaratory judgment holding NIOC responsible for billions of dollars in damages.

 

Crescent had argued that NIOC should be held accountable for financial losses the company allegedly caused to other firms. The claim amounted to several billion dollars.

 

After three years of proceedings, including two rounds of written submissions and two hearings with legal representatives and independent experts, the tribunal ruled against Crescent’s claims. Additionally, Crescent’s request for NIOC to cover all legal costs related to the case was also denied.

 

This ruling marks NIOC’s most significant substantive victory in the Crescent arbitration since the case began in 2009. With the tribunal’s decision, secured through efforts by the government’s legal team, one of the most critical cases against NIOC has concluded in the company’s favor.