[2025] EWCA Civ 1211

Case No: CA-2024-001204
CA-2024-001215

ON APPEAL FROM THE HIGH COURT OF JUSTICE

BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

COMMERCIAL COURT (KBD)

Sir Nigel Teare (sitting as a Judge of the High Court)

Royal Courts of Justice

Strand, London, WC2A 2LL

Before :

SIR JULIAN FLAUX, CHANCELLOR OF THE HIGH COURT

LADY JUSTICE FALK
and

LORD JUSTICE ZACAROLI

Between :

Bankim Thanki KC, David Mumford KC, Laura Newton, Marc Delehanty and James Kinman (instructed by Eversheds Sutherland (International) LLP) for National Iranian Oil Company (the Appellant in CA-2024-001215)

David E. Grant KC, Joshua Hitchens and Joshua Cainer (instructed by Blackstone Solicitors) for Retirement, Savings and Welfare Fund of Oil Industry Workers(the Appellant in CA-2024-001204)

Ewan McQuater KC, Ricky Diwan KC, Tariq Baloch KC, Georgina Peters, Professor Paul Davies, Luka Krsljanin and Moeiz Farhan (instructed by Reed Smith LLP) for the Crescent Gas Corporation Limited (the Respondent in both appeals)

Hearing dates: 15, 16 & 17 July 2025

Further written submissions filed: 8 & 22 August 2025; 1 September 2025

Approved Judgment

This judgment was handed down remotely at 10.00am on 30 September 2025 by circulation to the parties or their representatives by e-mail and by release to the National Archives.

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