رد: ░۩ ░ دانة غاز ░ dana gas ░۩ ░
هذا الخبر باللغة الانجليزية:
Law360 (October 20, 2022, 8:05 PM EDT) -- Iran's state-owned oil company is at risk of being found in default by ignoring Crescent Petroleum's lawsuit in Washington, D.C., to enforce a $2.43 billion arbitral award it won against the company, according to documents filed Thursday.
An attorney for Crescent Petroleum, Dennis H. Hranitzky, a partner with Quinn Emanuel Urquhart & Sullivan LLP, told the court in a declaration that there had been nothing but silence from National Iranian Oil Co. since Crescent filed the litigation in May, saying the company missed an Oct. 11 deadline to respond.
He said Crescent originally tried to serve NIOC through various courier and postal services, but was unable to do so since these services have only limited ability to make physical mail delivery in Iran.
After receiving permission from the court, the company emailed the suons, the petition and the supporting documents to several NIOC officials and the company's counsel in the underlying arbitration in August, Hranitzky said. Having received no response, Crescent is therefore entitled to an entry of default against NIOC, he told the court.
Hranitzky declined to co
Crescent, based in the United Arab Emirates, won the massive award just over a year ago, following more than a decade of arbitration. The dispute stems from NIOC's alleged failure to live up to its obligations under a 2001 purchasing contract that required it to deliver natural gas to Crescent Petroleum for a 25-year term, starting Dec. 1, 2005.
A judge in London affirmed the award in June, saying the tribunal had not been "obviously wrong" to reject the state-owned oil company's sanctions defense.
Crescent told the D.C. court in its May petition that it invested more than $300 million in the United Arab Emirates to build the infrastructure necessary to sell gas processed from the raw, untreated gas it was to purchase from NIOC. It also concluded contracts for gas transportation, sweetening, processing and sales of processed gas.
The company established a subsidiary called Crescent National Gas Corp. Ltd. to enter into various contractual transactions with downstream vendors and end-customers to facilitate delivery. Crescent Gas Corp. Ltd. held 65% of the shares in the subsidiary, while Dana Gas PJSC held the rest of the shares.
After NIOC failed to hold up its end of the bargain, Crescent initiated arbitration in 2009. The tribunal held in 2014, by 2-1, that NIOC had breached the contract and was liable to Crescent. It issued the award seven years later, ordering NIOC to pay Crescent $2.43 billion, plus interest, by Dec. 27, 2021.
The arbitration was administered by the Permanent Court of Arbitration under the rules of the International Chamber of Co
Crescent is represented by Dennis H. Hranitzky, Debra O'Gorman and Yvonne Yi Zhang of Quinn Emanuel Urquhart & Sullivan LLP.
Counsel information for NIOC could not be determined on Thursday.
The case is Crescent Petroleum Co. International Ltd. et al. v. National Iranian Oil Co., case number 1:22-cv-01361, in the U.S. District Court for the District of Columbia.
--Editing by Vaqas Asghar.
Read more at: https://www.law360.com/energy/articl...-suit?copied=1
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