TEHRAN – The National Iranian Oil Company (NIOC) said it will continue legal efforts through international and domestic channels to overturn a UK appeals court ruling that upheld the seizure of a London property belonging to the Oil Industry Pension Fund.

In a statement carried by Shana, the company said the ruling followed years of legal action by Crescent Petroleum seeking to seize NIOC’s assets worldwide as part of a long-standing contractual dispute.

“Unfortunately, the UK Court of Appeal has confirmed a lower court’s decision to seize the building owned by the pension, savings, and welfare funds of oil industry employees in London,” NIOC said, adding that the verdict was “unjust and biased” despite extensive legal defenses presented by Iranian teams.

Crescent’s legal bid to claim the building began in 2022 after years of failed negotiations.

The lower court ruling was issued on April 15, 2024, and upheld on appeal.

NIOC said it remains committed to protecting the assets of Iranian oil workers and will pursue all available legal remedies, including appeals and international arbitration, in coordination with the Presidential Center for International Legal Affairs.

EF/MA