• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 10 hours One Last Warning For The U.S. Shale Patch
  • 56 mins Dutch Populists Shock the EU with Election Victory
  • 1 day Modular Nuclear Reactors
  • 3 hours Climate change's fingerprints are on U.S. Midwest floods
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 15 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 2 days Chile Tests Floating Solar Farm
  • 13 hours Telsa Sales in Europe
  • 5 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 2 days Poll: Will Renewables Save the World?
  • 14 hours Read: OPEC THREATENED TO KILL US SHALE
  • 10 hours The Political Debacle: Brexit delayed
  • 2 days US-backed coup in Venezuela not so smooth
Are Commodities In Crisis?

Are Commodities In Crisis?

From copper to coal and…

U.S. On The Hunt For Iranian “Ghost Tankers”

U.S. On The Hunt For Iranian “Ghost Tankers”

The United States has started…

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



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News