Total, ConocoPhillips Lose Battle To Operate UK Terminal -Report

Date : 05/21/2012 @ 4:47AM
Source : Dow Jones News
Stock : Conocophillips (COP)
Quote : 48.34  -0.45 (-0.92%) @ 7:59PM

Total, ConocoPhillips Lose Battle To Operate UK Terminal -Report

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Associated British Ports has won a multi-million pound battle with oil majors Total SA (TOT) and ConocoPhillips (COP) over the future use of the Immingham Oil Terminal on the Humber in northeast England, The U.K. newspaper The Times reports Monday.

The U.K. Court of Appeal ruled last week that the U.K.'s largest port operator had the right to terminate four tenancy agreements that allow the two oil majors to operate the terminal at the Port of Immingham at a cost of GBP4.2 million, the newspaper reports.

The decision could have significant financial consequences for the two oil companies which carry about 20 million metric tons of crude oil through the terminal, the newspaper says. A separate court ruling determined that the two companies should pay in the interim more than GBP14.8 million to use the jetty at the Immingham terminal, back-dated to 2010, the newspaper says without citing sources.

A spokesman for the two oil companies said "Humber Oil Terminals Trustee is reviewing the decision and considering its response whilst pursuing other options."

ABP declined to comment, the newspaper reported.

Newspaper Web Site: http://www.thetimes.co.uk

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com




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