Turkish shipper Palmali lodges near-$2bn English High Court claim against Lukoil trading arm

By bne IntelliNews September 19, 2017

Turkey-based Palmali, one of the biggest shippers in the Caspian region, has reportedly lodged a claim with the English High Court worth almost $2bn against Litasco, Russian oil producer Lukoil’s Geneva-based trading arm.

“The claim concerns an alleged failure by Litasco S.A. to provide contractual quantities of cargo under long-term contract between the companies,” Reuters reported Palmali as saying in a September 19 statement. It added that the case involved a “breach of contract amounting to just under $2 billion plus interest and costs,” but did not provide further details.

The news agency said Lukoil declined to make any immediate comment on the matter.

Azerbaijan-born businessman Mubariz Mansimov controls Palmali.

New US sanctions directed against Moscow have made it tougher for Litasco to raise new finance. Lukoil is reportedly considering selling the Swiss unit.

Related Articles

Nuclear deal exit latest: Swiss bank, Indian lenders, Russia’s Lukoil, Czech industry minister and Booking.com drop out

A Swiss bank on May 29 suspended new transactions with Iran and said it was winding down Iran-related activities while two Indian banks reportedly asked exporters to complete their financial ... more

Gazprom enforces $476mn claim against Moldova for gas used in rebel Transnistria region

Gazprom has enforced another claim against Moldova’s natural gas transport operator Moldovagaz, worth $476mn, in the International Court for International Arbitrage of the Industry and Trade ... more

EEU, Iran sign interim free trade agreement in Astana

The Moscow-led Eurasian Economic Union (EEU) and Iran have signed an interim free trade agreement (FTA), TASS reported on May 17. “The provisional agreement includes an initial list of goods, ... more

Dismiss