Dubai oil trader says seeking $15m in dispute damages
Dubai-based MENA Energy is seeking $15 million in damages from Hascol Petroleum Ltd over the sale of fuel oil and gasoil in Pakistan, it has announced.
The independent energy trading company said the dispute relates to the transactions for the sale of fuel oil and gasoil by MENA to Hascol for shipment in November/ December 2014, when there was a sharp decline in oil prices.
It added in a statement clarifying the dispute that Hascol defaulted on its performance obligations under the contracts.
In February, 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.
MENA said the court will soon reconvene when its damages claim which totals approximately $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 said: “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.”