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Big Oil’s Iraqi Disappointment

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Ethiopian Court Sequesters Chinese Sinohydro Corp. Funds

Libya Oil Ethiopia Ltd., claiming unpaid money for fuel provided, has won a judgment from Ethiopia’s Federal High Court Eight Civil Bench to freeze $134,000 of China’s Sinohydro Corp. assets until the case is resolved.
 
According to the Libya Oil Ethiopia Ltd. lawsuit, it is owed $134,000 by Sinohydro Corp. for June fuel deliveries.
 
In 2009 Libya Oil Ethiopia Ltd. entered the Ethiopian market following its acquisition of Shell Ethiopia Ltd.’s assets and downstream operations, Addis Ababa Addis Fortune newspaper reported.
 
Contesting the lawsuit, Sinohydro Corp. maintained that the delivery documents produced by the five Ethiopian transport firms providing fuel were forgeries, Libya Oil Ethiopia Ltd. replied that Sinohydro Corp. has not produced any documentation to corroborate its allegations.
 
Sinohydro Corp. has a significant presence in Ethiopia, being involved in a multitude of projects, including Ethiopian Roads Authority contracts to build the Gondar-Debark and Aposto-Arba Moda roads and has appealed the freeze on its assets claiming that it has not yet finished all its projects but nevertheless would not leave the country despite the legal action. Sinohydro Corp. is also involved in the potential construction of Ethiopia’s Gibe IV dam across the Omo River. Given its commitments in country, Sinohydro Corp. has asked for dismissal of the charges.

By. Joao Peixe, Deputy Editor OilPrice.com



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