Ismail Baghaei, spokesperson for the Iranian regime’s Ministry of Foreign Affairs, described reports about the seizure of another building of the National Iranian Oil Company in Rotterdam, Netherlands, as “inaccurate” but did not clarify what had happened to the building.
On Monday, January 20, the Ministry’s spokesperson reacted to the matter, stating: “This case is being pursued by the Presidential Legal and International Affairs Center and the National Iranian Oil Company.”
According to published reports, despite the National Iranian Oil Company’s opposition, the transfer of its building in Rotterdam was approved to settle a $2.6 billion debt to the UAE-based Crescent Company, and the building was officially awarded to Heuvel Company.
The building, seized under an international arbitration ruling, was transferred to the company through a public auction on April 20, 2023.
The state-run Shargh newspaper reported that the National Iranian Oil Company had previously requested the Dutch court to annul the April 2023 auction and restore the building’s ownership, arguing in its defense that the building belonged to a state-owned company and that, under international law, state-owned assets should be immune to seizure and auction.
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In contrast, the auction winner and buyer of the building stated that the property was purchased in a legal auction conducted in accordance with the law and emphasized that it is the official owner of the building.
Ultimately, the court rejected all requests from the National Iranian Oil Company, including the recovery of the building.
What is Crescent?
The contract between the National Iranian Oil Company (NIOC) and Crescent Petroleum, known in the media as the “Crescent Case,” was signed in 2002. Under this contract, unprocessed gas from the Salman gas field, which shared reserves with a gas field in the United Arab Emirates, was to be exported to the UAE.
In 2005, coinciding with a change in Iran’s administration, the Iranian regime’s Court of Audit halted the contract. The UAE party, Crescent Petroleum, filed a complaint with international arbitration authorities over the unilateral termination of the contract.
Seizure of NIOC Assets in Favor of Crescent
So far, Crescent has successfully claimed part of the damages related to the Crescent contract in foreign courts.
Prior to and on April 18, 2024, a British court issued a ruling to seize a building owned by the National Iranian Oil Company, valued at £100 million ($125 million), in central London. Known as NIOC House, the building is located near the British Parliament and Westminster Abbey and had been owned by Iran for approximately 50 years.
Following the seizure of its offices in London and Rotterdam, the company no longer has any offices in Europe.
