In a statement on Wednesday, the NIOC promised to continue the efforts after the UK Court of Appeal upheld a prior ruling that had ordered the confiscation of the building belonging to the Oil Industry Pension Fund in the British capital.

According to the statement, the dispute stems from legal actions initiated by Emirati firm Crescent Petroleum in international courts, aiming to seize NIOC assets worldwide.

On April 15, 2024, a UK court of first instance ruled in favor of Crescent, approving the seizure of the pension fund building, which took place following years of negotiations to resolve the dispute, the statement read.

The Court of Appeal later upheld this decision due to “unfair and biased judgment,” despite defense arguments and legal efforts made by relevant authorities, it said.

The NIOC confirmed it will continue pursuing all available legal remedies, including appeals and international legal mechanisms, in coordination with relevant authorities such as the Presidential Center for International Legal Affairs, to challenge the ruling and safeguard the pension fund’s property.