The UAE-based Crescent Petroleum company has set its sights on NIOC’s blocked funds held in offshore accounts, including approximately $2.7 billion deposited in the First Islamic Investment Bank (FIIB), based in Malaysia’s Labuan Free Zone, according to the Malaysian media.
These funds, which include assets of NIOC subsidiaries like Naftiran Intertrade Company (NICO), remain inaccessible due to international sanctions. Crescent Petroleum is now seeking court approval to access these funds as part of its efforts to enforce the arbitration awards.
The Iranian government has condemned these asset seizures, labeling them politically motivated. NIOC continues to challenge the rulings in various courts.
In 2023, a U.S. court granted Crescent Petroleum access to $2.75 billion of NIOC’s assets. In 2024, NIOC’s building in the UK was auctioned for £100 million as part of the enforcement process.