Energy News Today

Crescent Petroleum Says Iran Oil Co. Still Owes $2.4B Award

By Caroline Simson (May 17, 2022, 9:07 PM EDT) — Crescent Petroleum is asking a D.C. federal court to enforce a $2.43 billion arbitral award it won after Iran’s state-owned oil company failed to deliver “even a single molecule” of natural gas due under a purchasing contract, saying the award is binding despite ongoing challenges in England.The United Arab Emirates-based company and its subsidiary, Crescent Gas, told the court that it still hasn’t received a penny of the award from National Iranian Oil Co. despite orders from a tribunal that it was to be paid by the end of 2021.

The underlying dispute stems from NIO’s alleged failure to live…

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Read More: Crescent Petroleum Says Iran Oil Co. Still Owes $2.4B Award

2022-05-17 20:07:00

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