Summary

The respondent, Crescent Gas Corporation Limited ("CGC"), is a creditor of the first appellant, National Iranian Oil Company ("NIOC"). In 2001, CGC entered into a long term gas sales and purchase agreement with NIOC. NIOC failed to supply any gas pursuant to that agreement. CGC commenced arbitration proceedings in July 2009. After extensive delays, the arbitral panel delivered a Partial Award on Remedies on 27 September 2021, ordering NIOC to pay the principal amount of US$2,429,970,000. NIOC has failed to pay any part of the award.

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