Seizure of the National Oil Company building in Rotterdam, Netherlands

According to Energy Press, the National Iranian Oil Company building was seized due to the National Iranian Oil Company’s debt of more than $2.6 billion to Crescent Gas Corporation, based on an international arbitration award. Following this award, the property was transferred to Heuvel on April 20, 2023, in a public auction.
Crescent had received a temporary seizure order for the National Iranian Oil Company’s property on May 20, 2022. After that, on December 5, 2022, the Dutch court recognized the international arbitration award and allowed it to be enforced. Therefore, the building was sold in a public auction.
What was the National Iranian Oil Company’s defense in the Rotterdam court?
In its defense, the National Iranian Oil Company stated that the building is owned by a state-owned company and that, according to international law, state property should be immune from seizure and auction; the company requested that the auction be canceled and the building returned.
In contrast, Heuvel claimed that the April 2023 auction was held in accordance with the law and that the company was the official owner of the building. Ultimately, the court rejected all of NIOC’s interim requests, including the repossession of the building.
Crescent Damages Series
This is not the first time that Iranian assets have been seized due to Crescent-related debts. Previously, on April 18, 2024 (30 Farvardin 1403), a court in the United Kingdom issued a seizure order for a building in central London owned by NIOC worth £100 million ($125 million).