DUBAI, United Arab Emirates--(BUSINESS WIRE)--A statement by MENA Energy:
- On 16 February 2017, the England and Wales High Court ruled that MENA Energy is entitled for damages from Hascol Petroleum concerning two shipments of fuel oil and one shipment of gas oil to Karachi in November 2014. Counterclaims bought forward by Hascol Petroleum have been dismissed.
- Despite the ruling of the England and Wales High Court of Justice, reports that there is no case underway between MENA Energy and Hascol Petroleum or that Hascol Petroleum is entitled for damages are false.
- The High Court will convene again to determine MENA's damages claim, which totals approximately US$15 million inclusive of interests and legal costs.
- The proceedings were in the England and Wales High Court and not arbitration. The complete judgment can be accessed at: www.bailii.org/ew/cases/EWHC/Comm/2017/262.html
MENA Energy DMCC (“MENA”), a fully-integrated and independent energy trading company headquartered in Dubai, UAE, wishes to clarify its position on the oil trading dispute between MENA and Hascol Petroleum Ltd ("Hascol").
The dispute relates to the transactions for the sale of fuel oil and gasoil (diesel) by MENA to Hascol in Pakistan, for shipment in November/ December 2014, when there was a sharp decline in oil prices. Hascol defaulted on its performance obligations under the contracts.
On 16 February 2017, The England and Wales High Court of Justice (Commercial Court) handed down judgment on the liability of the dispute between MENA and Hascol. The Court ruled that MENA were completely successful with its liability claim and also dismissed the counterclaims of Hascol with regards to each of the fuel oil and gasoil shipments.
In the next hearing MENA's damages claim which totals approximately US$15 million inclusive of interests and legal costs, will be determined. Hascol has no damages claims to be determined.
Rashid Al Ghurair, CEO of MENA Energy commented:
“MENA Energy believes in a partnership based approach while working with our clients. The relationships we have formed are based on the cornerstones of trust, integrity and business ethics.
“We have a responsibility to our stakeholders and the oil trading industry to ensure commitments are honoured and clients do not blatantly default on their performance obligations. After multiple attempts to resolve this issue privately we were left with no other option but to resolve this matter through the courts.”
*Source: ME NewsWire