The UK Supreme Court has formally accepted an appeal brought by the Iranian National Oil Company (NIOC) in the long-running gas case of Crescent Gas Corporation Limited, opening a potential legal avenue to stop the seizure of the valuable London-based Oil Industry Pension Fund building.
According to the UK Supreme Court’s official register, the case has been recorded as an “appeal in title” under reference UKSC/2025/0190, which is a legal mechanism that allows the Supreme Court to consider certain appeals without a separate leave process.
The development comes after the UK Court of Appeal previously ruled in favor of UAE-based Crescent, reinforcing the risk of a property seizure being carried out on London’s Victoria Street.
According to a report by Press TV, Crescent claims that NIOC transferred the so-called NIOC House to a pension fund to protect its assets following an international arbitration ruling in Crescent’s favor.
Last year, a lower court in London ruled that the transfer was an undervalued transaction to avoid creditor claims under bankruptcy law, and the Court of Appeal upheld the decision. A dissenting opinion from three appellate judges cleared the way for Supreme Court review.
By accepting the appeal, the Supreme Court will reconsider both the arguments and previous judgments, making any case against the London property subject to final determination. Legal analysts point out that although Supreme Court proceedings are often lengthy, the Supreme Court remains the only institution in Britain capable of overturning lower court decisions in cases of wide legal and public significance.
Meanwhile, more than 15,000 oil industry employees and retirees signed a petition calling for recognition of ownership of the fund, highlighting that the building’s proceeds support pensions, life insurance and health care for more than 200,000 workers.
MNA