MENA Energy Clarifies Its Position Regarding Dispute With Hascol Petroleum and the Subsequent High Court Ruling

MENA Energy DMCC: Update regarding High Court Judgement MENA Energy DMCC
v Hascol Petroleum Ltd

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

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Grayling
Jonathan Shillington, +971522294603
jonathan.shillington@grayling.com