FINWIRES · TerminalLIVE
FINWIRES

Técnicas Reunidas Says Enforcement of Guarantees Linked to JV's Bahrain Construction Project Suspended in June

By

Técnicas Reunidas (TRE.MC) on Monday clarified that Bapco's enforcement of guarantees related to a construction project in Bahrain was suspended in Spain, France and South Korea in June.

The enforcement of the guarantees was against the joint venture formed by the Spanish engineering and construction company with Technip Energies (TE.PA) and Samsung, according to a Monday release. The joint venture continues to work on the project and no payments have been made in relation to the guarantees.

Técnicas Reunidas also noted that the joint venture, which began arbitration proceedings, has been working with the Bahraini oil company over the past two months to reach an amicable agreement.

The statement comes after Spanish newspaper Expansión reported that the UK's High Court of Justice of England and Wales dismissed an injunction filed by the consortium and gave Bapco the go-ahead to collect the guarantees.

Related Articles

Equities

Adnoc Gas Posts Lower H1 Profit, Revenue

Adnoc Gas (ADX:ADNOCGAS) said Monday that its profit and revenue for the first half of 2026 fell year over year.Profit for the six months ended June 30 was $1.74 billion, compared with $2.65 billion earlier. EPS moved to $0.023 from $0.037.The Abu Dhabi-listed natural gas distribution company's revenue was $7.15 billion, compared with $9.33 billion a year ago.Meanwhile, the board approved a dividend of 0.045 Emirati dirham per share for the second quarter.Adnoc Gas expects full-year 2026 net income to range from $3.5 billion to $4.0 billion. For the third quarter, net income is expected to range between $600 million and $800 million.

ADX:ADNOCGAS
Equities

Pearl Petroleum Dismisses Kurdistan Regional Government's Contract Breach Allegation

Pearl Petroleum rebuffs allegations of contractual violation from Iraq's Kurdistan Regional Government, the consortium's joint operators Dana Gas (ADX:DANA) and Emirati upstream oil and gas company Crescent Petroleum said Aug. 7.The allegations follow Pearl Petroleum's agreement to supply gas to the Federal Ministry of Electricity in Kirkuk, Iraq.Pearl Petroleum continues to fully meet its obligation to provide 655 million standard cubic feet per day of gas to the government, even though it has been behind on its payments for years. The sale of 100 million standard cubic feet per day of gas to the ministry is from Pearl Petroleum's excess capacity at Khor Mor, the consortium noted.

ADX:DANA
Equities

Former Orlen Managers at Risk of Prison Time Over Loss-making Crude Oil Supply Contracts

Polish prosecutors requested the indictment of three former managers at Orlen (PKN.WA) and one of the company's subsidiaries over loss-making crude oil supply contracts, Reuters reported Aug. 7.The contracts concern $378 million pre-paid orders for the Polish energy company's products, primarily Venezuelan crude oil, that were never delivered. The report said the former managers are facing charges of failing to properly supervise and safeguard the assets and the possibility of up to 25 years in prison.In an emailed response to, the company said it does not comment on the ongoing investigation, but expressed commitment to cooperating with authorities to resolve the matter immediately.

$PKN.WA