We represent a Middle East oil and gas company in two long-running, multibillion-dollar arbitrations brought against the National Iranian Oil Company (NIOC). Both arbitrations are ad hoc proceedings administered by the PCA and are seated in London and Geneva, respectively. They arise out of NIOC’s non-delivery of significant volumes of Iranian gas to the UAE market pursuant to a long-term gas supply contract of geopolitical and macro-economic significance. The cases raise issues of gas pricing, gas marketing, and infrastructure, as well as legal issues of Iranian law, sanctions, and the extent and limits of recoverable loss.