{"id":374,"date":"2018-09-17T15:02:00","date_gmt":"2018-09-17T15:02:00","guid":{"rendered":"http:\/\/thefreezoneblog.com\/blog\/2018\/09\/17\/troubled-djibouti-nationalises-port-de\/"},"modified":"2018-09-17T15:02:00","modified_gmt":"2018-09-17T15:02:00","slug":"troubled-djibouti-nationalises-port-de","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/troubled-djibouti-nationalises-port-de\/","title":{"rendered":"Troubled Djibouti nationalises Port de Djibouti"},"content":{"rendered":"
\n<\/a><\/div>\n
\n<\/div>\n
\nPort de Djibouti SA which owns 66.66 per
\ncent majority shares in the Doraleh Container Terminal (DCT) has been
\nnationalised by Djibouti.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nDjibouti cited an order from the
\npresident \u201cto protect the fundamental interests of the nation and the
\nlegitimate interests of its partners\u201d as reason for taking full control
\nof the company.
\n<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nThe DCT\u2019s strategic location near the Red
\n Sea and the Gulf of Aden enables it to serve as a busy maritime
\nshipping lane for ships from Asia, as well as oil tankers heading to
\nEurope from the Arab Gulf region.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nAccording to Mariama Sow, Research
\nAnalyst – Africa Growth Initiative, said in his expose that the latest
\nmove from the Djiboutian government follows months of rising tensions
\nwith the port\u2019s operator, a Dubai-based firm called
\n DP World. <\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nIn February, Djibouti terminated its
\ncontract with DP World after refusing to renegotiate the terms of its
\n2006 concession and then seized control of the container terminal
\nfacility.
\n<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nThe Wall Street Journal reported that in July Port de Djibouti SA terminated its shareholder agreement with DP World.
\n<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nFollowing this latest announcement, the
\ngovernment of Djibouti is claiming sole ownership over the DCT since it
\ncontrols the public firm now running the container terminal.
\n<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nDP World has stated it will sue the government of Djibouti over its claim to the shipping terminal.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nThe fight over the Doraleh terminal
\nhighlights the growing strategic importance of Djibouti, which is close
\nto some of the world\u2019s busiest maritime shipping lanes in the Red Sea
\nand Gulf of Aden.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nIn February, the Djibouti government
\nseized the facility, stating that it had terminated a 2006 concession
\nthat allowed DP World control of the Doraleh terminal.
\n<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nThis July, Port de Djibouti SA terminated its shareholder agreement with DP World, according to the government.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nThe Doraleh terminal is now being run by a public company that is solely owned by the Republic of Djibouti, the government said.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nPort de Djibouti SA had been owned by the
\n Djibouti government and Hong Kong-based China Merchants Port Holdings
\nCo mpany Ltd., which said in its 2017 annual report it has a 23.5% stake
\n in the asset.
\n<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nChina Merchants didn\u2019t immediately respond to a request for comment.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nDP World has sought to remained involved
\nin the Dorelah terminal. On Sept. 5, the company said it had obtained an
\n injunction from the High Court of England and Wales that prevented the
\nDjibouti government from pushing it out of
\n the port, removing directors at Port de Djibouti SA directors or
\ninterfering with that entity\u2019s management.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nRepresentatives for DP World didn\u2019t immediately respond to a request for comment Monday.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\n\u201cDP World\u2019s \u2018strategy,\u2019 which consists in
\n trying to oppose the will of a sovereign state, is both unrealistic and
\n destined to fail,\u201d the government of Djibouti said in its statement.<\/u><\/u><\/div>\n
\n<\/u> <\/u><\/div>\n
\nThe government said it had not been
\nwarned that DP World had initiated the legal proceeding and described
\nthe injunction as \u201cmerely a provisional measure.\u201d It added that \u201ca fair
\ncompensation outcome is the only possible option
\n for DP World, in line with the principles of international law.\u201d<\/u><\/u><\/div>\n

<\/p>\n

\n<\/u> <\/div>\n","protected":false},"excerpt":{"rendered":"

Port de Djibouti SA which owns 66.66 per cent majority shares in the Doraleh Container Terminal (DCT) has been nationalised by Djibouti.   Djibouti cited an order from the president \u201cto protect the fundamental interests of the nation and the legitimate interests of its partners\u201d as reason for taking full control of the company.   […]<\/p>\n","protected":false},"author":1,"featured_media":1479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[129],"class_list":["post-374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-free-trade","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nTroubled Djibouti nationalises Port de Djibouti - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/troubled-djibouti-nationalises-port-de\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Troubled Djibouti nationalises Port de Djibouti - 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