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.

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