The UAE’s Crescent Petroleum has obtained a default judgment from a US court enforcing an award now worth US$2.75 billion against the National Iranian Oil Company, reported the Law 360 News Website.
U.S. District Judge Jia M. Cobb issued a default judgment ordering the no-show National Iranian Oil Co. to pay the massive sum, which Crescent Petroleum won following a protracted legal battle over the Iranian company's failure to deliver "even a single molecule" of natural gas due under a decades-old purchasing contract.
Judge Cobb noted in her order that NIOC had had ample opportunities to try to have the award set aside at the seat of arbitration in England, as well as in the Netherlands and the United Arab Emirates, none of which was successful. Crescent has collected only about $800,000 of what it's owed to date, she wrote.