Report: Palmali Files USD 2 Bn Claim against Litasco

Palmali Turkish shipping company Palmali has reportedly filed a claim against Litasco, the international marketing and trading company of Lukoil, worth up to USD 2 billion. The claim, lodged with the English High Court of Justice, stems from the alleged failure by Litasco to provide contractual quantities of cargo under long-term contract between the companies, Palmali told Reuters. Additionally, Reuters cited the company as saying that the case involved breach of contract amounting to just under USD 2 billion plus interest and costs. World Maritime News contacted relevant parties for more details on the matter, however, they are yet to reply. Earlier reports unveiled that Lukoil has been looking to dispose of its Swiss unit Litasco due to new US sanctions on Russia, which would supposedly complicated lending to Russian companies. The company is scheduled to make a decision related to the transaction in November 2017. The financial details of the transaction were not revealed. World Maritime News Staff