London: The National Iranian Oil Company (NIOC) says it is continuing legal efforts to overturn a UK Court of Appeal ruling that upheld the seizure of a London-based building owned by the company.

According to Islamic Republic News Agency, the NIOC released a statement indicating its commitment to challenging the UK Court of Appeal’s decision, which supported a prior ruling to confiscate the building owned by the Oil Industry Pension Fund. The legal battle is rooted in actions initiated by Emirati firm Crescent Petroleum in international courts, targeting NIOC assets globally.

A UK court of first instance decided in favor of Crescent on April 15, 2024, approving the seizure of the pension fund building. This decision followed prolonged negotiations aimed at resolving the dispute. Despite defense arguments, the Court of Appeal upheld the ruling, citing ‘unfair and biased judgment.’

The NIOC affirmed its intention to exhaust all legal avenues, including further appeals and international legal strategies. This pursuit will be coordinated with relevant authorities, such as the Presidential Center for International Legal Affairs, to contest the ruling and protect the pension fund’s property.