London Court News

BP will defend its rights "to the absolute fullest" in an arbitration case against U.S. exporter Venture Global LNG over failing to supply contracted cargoes, Chief Executive Officer Bernard Looney said on Tuesday.Oil companies Shell SHEL.L and have separately filed for arbitration against Venture Global LNG over failing to supply contracted cargoes, even as it sold to non-contract customers while prices were soaring."You can expect us to defend our legal rights to the absolute fullest…

Top LNG traders Shell and BP have separately filed for arbitration against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared, four people familiar with the matter said.A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Last month, the company said it was in full compliance with terms of its long-term contracts and cited a need for extensive commissioning of its modular…

A Lebanese shipbuilder at the center of a $2 billion debt scandal in Mozambique said it made payments to its now-president and ruling party in 2014, but said these were legal campaign donations not bribes, according to a London court filing.Privinvest said payments made to President Filipe Nyusi in the run-up to his election and to the Frelimo party were allowed under Mozambican law, according to the Jan. 15 filing at London’s High Court.The case relates to a series of tuna fishing…

Global ports operator DP World has struggled to borrow from banks to finance new investments since a port it partially owns in Djibouti was seized by the government there in 2018, its chairman said on Monday."We are investing but it is costing us more. That’s the damage," DP World Chairman Sultan Ahmed bin Sulayem told Reuters in Rwanda's capital Kigali, where the company opened a $35 million logistics platform on Monday."Fewer banks will lend us money today," he said, without giving further details.

The global port operator DP World has accused the government of Djibouti of “complete disregard and contravention” of the global legal system as it plans to rule all international adjudications on the Doraleh Container Terminal null and void."A decision to be taken later this week by the government of Djibouti to apply to the country's high court to rule all previous international adjudications null and void is a complete disregard for and contravention of the global legal system and existing contracts," a DP World statement said.The move is proof of Djibouti’s complete disregard for recognized legal practice and respect for contracts calling into question any investment in the country both now and in the future…

Djibouti has nationalized the two-thirds stake in its Doraleh Container Terminal held by the Port of Djibouti, the government said in a statement, the latest twist in a dispute with Dubai's government-controlled DP World dating back six years.In February, Djibouti ended a contract with DP World, one of the world's biggest port operators, to run its Doraleh Container Terminal (DCT), and seized control of the terminal.A London court later said DP World's contract to run the terminal was still valid.The port of Djibouti, PDSA, is itself majority-owned by the Djibouti state and in turn owns a two-

DP World, the fourth biggest port operator globally, issued a response saying Djibouti’s refusal to acknowledge a London Court of International Arbitration ruling demonstrates that the government did not “recognize the international rule of law.”The Arbitral Tribunal of the London Court of International Arbitration, LCIA, confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal from DP World."The Court’s decision upholding the continuing validity of the Concession is based on recognised principles of international law and is internationally binding both on the Djibouti government and so far as third parties are concerned…

Djibouti is in talks with French shipping company CMA CGM to develop a new container terminal at an initial cost of $660 million as part of the tiny African country's bid to expand into a sea and air transport hub for the continent. Aboubakar Omar Hadi, chairman of the Djibouti Ports and Free Zone Authority (DPFZA), told Reuters on Tuesday that the authority hopes to award the concession in July. It was also prepared to buy out DP World's stake in an existing container terminal to end a row with the Dubai port operator and avoid arbitration, he said.

Djibouti's container port will remain in state hands as the government seeks investment, a senior official said on Wednesday in comments likely to reassure Washington where lawmakers say they fear it could be ceded to China. The Doraleh Container Terminal is a key asset for Djibouti, a tiny state on the Red Sea whose location is of strategic value to countries such as the United States, China, Japan and former colonial power France, all of whom have military bases there. Djibouti last month terminated the concession of Dubai's state-owned DP World to run the port…

Somalia has banned Dubai ports operator DP World from operating in Somalia, saying that a contract that the company signed last year with the breakaway Somaliland region to develop an economic zone is null and void. It is unclear how Somalia's federal government could enforce the ban given Somaliland's semi-autonomous status. But parliament's unanimous passing of the resolution banning DP World from working in the country underscored growing rivalries in the strategic Horn of Africa region over the Dubai state-owned port operator's investments.

The United Arab Emirates (UAE) condemned Djibouti’s cancellation of DP World’s contract to run the Doraleh Container Terminal, calling it an “arbitrary” flouting of a signed agreement, said a report in Bloomberg. Media reports yesterday said that Dubai has accused Djibouti of illegally seizing a port operated by one of its state-owned shipping companies and started legal action against the African government. “Djibouti government’s seizure of the Doraleh port is regrettable,’’ Minister of State for Foreign Affairs Anwar Gargash wrote on Twitter. According to a press statement from DP World, the Government of Djibouti illegally seized control of the Doraleh Container Terminal from a Dubai Ports World (DP World) owned entity that designed…

Djibouti has ended a contract with Dubai's DP World, one of the world's biggest port operators, to run its Doraleh Container Terminal, the president's office said on Thursday. "The Republic of Djibouti has decided to proceed with the unilateral termination with immediate effect of the concession contract awarded to DP World," the office of President Ismail Omar Guelleh said in a statement. Last February, the London Court of International Arbitration cleared DP World of all charges of misconduct over a concession to operate the terminal, Dubai's government said at the time.

The London Court of International Arbitration has cleared DP World, one of the world's biggest port operators, of all charges of misconduct over a concession to operate a container terminal in Djibouti, Dubai's government said on Tuesday. In 2014 the government of the East African country lodged claims accusing DP World, majority-owned by the Dubai government, of illegal payments to secure a 50-year concession for the Doraleh Container Terminal, the Dubai government said. On Tuesday the court dismissed the claims and ordered the claimants to bear the costs of the arbitration, Dubai said.

A legal attempt by Iran's main oil tanker firm NITC to stop the European Union from reimposing sanctions on it over its disputed nuclear program has failed in a London court, setting back Tehran's efforts to ease trade restrictions. Iran is engaged in nuclear talks with world powers as it tries to strike a final deal to lift the sanctions that have halved its oil exports to just over 1 million barrels per day since 2012 and hammered its economy. EU governments were due imminently to re-include NITC, a major carrier of Iran's oil, on a blacklist of people and entities targeted by the bloc's sanctions, High Court Judge Nicholas Green said on Monday.

Royal Dutch Shell is ready to pay up to 30 million pounds ($51 million) in compensation for two oil spills in Nigeria in 2008 after a London court rejected a larger claim, sources involved in the case said on Friday. Around 11,000 residents of the Bodo community in the Niger Delta represented by law firm Leigh Day appealed in 2011 to a London court for more than 300 million pounds in compensation for the spilling of 500,000 barrels of oil. The sources said a Shell offer from September 2013 to settle the case for 30 million pounds remained on the table. The lawyer representing the claimants on Friday rejected the sum. "Shell have consistently sought to underestimate the damage whilst paying only lip service to an apology.

Dana Gas, one of Middle East’s largest regional private sector natural gas company, announces its financial results for the third quarter and nine month ended September 30, 2013 with a net profit of $28 million and $121 million (USD) respectively. Gross revenue for the third quarter was significantly higher at $170 million, an increase of 21% on Q3 2012. Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) was $93 million which was considerably higher by $6 million than in Q3 2012. Net profit remained flat year-on-year due to higher royalty and higher depreciation in line with higher production in Egypt. Accordingly, the Group posting a net profit of $28 million in Q3 2013 compared to $29 million in Q3 2012.

Rowan Companies, Inc. reported that the English Court has given a comprehensive judgement in its favor in proceedings between its subsidiary, British American Offshore Limited (BAO) and Amoco (UK) Exploration Company (Amoco). rig Rowan Gorilla V. The court declared that the rig was fit for purpose in all respects when the contract was terminated. Amoco had refused to commence drilling at the Arbroath platform in January 1999, arguing that much of Gorilla V's equipment was unfit and unsafe. were economic, following a downturn in oil prices and the BP/Amoco merger on January 1, 1999. The court rejected the evidence of Amoco and BP witnesses that the decision was made for safety reasons, or because Amoco had "lost confidence" in BAO. no ground for complaint was justified.