industrial casting process Archives

April 16, 2019

Iran, Iraq agree on Development of Joint Oilfields

Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced.

Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said:

“There are massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals grounds, and Iran is ready to offer its capabilities to the Iraqi oil industry.”

He added that Thamer al-Ghadhban, Iraqi minister of oil, during a visit to EIED, learned about the capacities of the company, and it was decided that a joint partnership be established between OIEC and a similar company in Iraq in order to develop joint capacity utilization.”

The official further said that Iran had a lot of potentialities in the oil, gas, refining and petrochemicals sectors, adding: “Given the lack of development in the petrochemicals and gas industries in Iraq, there is a bright perspective for cooperation between the two countries.”

He also said that Iran’s gas dues from Iraq stood at a billion dollars already.

Iran the only exporter of natural gas to neighboring Iraq, both members of the Organization of the Petroleum Exporting Countries (OPEC).

Source:http://www.iraq-businessnews.com/2019/04/10/iran-iraq-agree-on-development-of-joint-oilfields/

April 5, 2019

Djibouti ordered to pay DP World JV over $385m in port dispute

Doraleh Container Terminal, in which DP World owns 33%, is successful in London Court of International Arbitration

Doraleh Container Terminal (DCT), a Djibouti port operator owned 33.3 percent by Dubai-based DP World, has been successful in the London Court of International Arbitration proceeding against the Republic of Djibouti.

The tribunal has ordered Djibouti to pay DCT $385 million plus interest for breach of its exclusivity by development of container facilities at Doraleh Multipurpose Terminal, with further damages possible if Djibouti develops a planned Doraleh International Container Terminal with any other operator without the consent of DP World.

The tribunal has found that by developing new container port opportunities with China Merchants Holdings International Co Limited, a Hong-Kong based port operator, Djibouti has breached DCT’s rights under its 2006 concession agreement to develop a container terminal at Doraleh.

It added: “In respect of the development of the Djibouti Multipurpose Port facility, the facts are clear. At no stage before the decision was made to go ahead with that facility with China Merchants did… Djibouti… offer… DCT… the right to develop the proposed container facilities at the DMP.

“Djibouti was therefore in breach of clause 3.6.3 of the Concession Agreement”. China Merchants also operates a $3.5 billion free trade zone it developed pursuant to an agreement with Djibouti, in contravention of DP World’s exclusive right to develop and operate such a free zone under its own concession, which is the subject of other litigation proceedings.”

The tribunal also ordered Djibouti to pay DCT $148 million for historic non-payment of royalties for container traffic not transferred to DCT once it became operational. Djibouti is also ordered to pay DCT’s legal costs.

This is the fifth substantial ruling in DCT and DP World’s favour on disputes relating to the Doraleh terminal.

DCT and DP World said they continue to seek to uphold their legal rights, following Djibouti’s unlawful efforts to expel DP World from Djibouti and transfer the port operation to Chinese interests.

Litigation against China Merchants also continues before the Hong Kong courts.

In February 2018, the Djibouti government cancelled DP World’s contract, signed in 2006, to run the Doraleh Container Terminal. DP World claimed this attempted renationalisation was illegal and began court proceedings, resulting in the the latest ruling.

Source:https://www.arabianbusiness.com/transport/417141-djibouti-ordered-to-pay-dp-world-jv-over-385m-over-port-dispute

April 5, 2019

Dubai retailer Union Coop plans to double online sales in 2019

Largest consumer cooperative in the UAE expects AED30 million sales in 2019, nearly double that seen last year

Union Coop, the largest consumer cooperative in the UAE, has revealed that it expects AED30 million sales in 2019, nearly double that seen last year.

The retailer said it is seeking to sell more than 60,000 units from its web store and online partners, up from 22,357 in 2018.

Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop, said: “Our web store crossed AED5 million in sales by February and at the same rate we are looking forward to a figure of AED30 million in sales by 2019-end, nearly twice compared to the AED15.8 million sales of 2018.

“Today, the web store offers premier facilities like same day or next day delivery for fresh and frozen groceries all over Dubai.”

As part of a major push online, Falazi said Union Coop is deploying cutting-edge technology in its web store to offer a next-generation shopping experience to consumers and is collaborating with renowned digital channels and marketplaces such as Souq.com, Elgrocer.com, Instashop.ae, Dukkaani and Noon.com.

He added that the company also plans to expand its home delivery service this year to reach Abu Dhabi and Ras Al Khaimah.

“One can expect more changes and updates in the future to the web store as we have to keep up with the changing technology to make the customer experience even better,” he said.

As well as its online presence, Union Coop also recently announced plans to nearly triple its portfolio to 6.26 million sq ft by 2022 as it predicts an 84 percent jump in revenue.

Union Coop, which began its journey with Satwa branch, now has 15 branches and two malls, and 16 future projects in the five-year forecast.

Source:https://www.arabianbusiness.com/retail/416204-dubai-retailer-union-coop-plans-to-double-online-sales-in-2019