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UPDATE 1-Turkey-based Palmali lodges $2 bln claim against Lukoil's Litasco
September 18, 2017 / 2:46 PM / a month ago

UPDATE 1-Turkey-based Palmali lodges $2 bln claim against Lukoil's Litasco

(Adds quote from statement, background)

BAKU, Sept 18 (Reuters) - Turkey-based Palmali, one of the biggest shippers in the Caspian region, said on Monday it had lodged a claim with the English High Court worth almost $2 billion against Litasco, the trading arm of Russian oil producer Lukoil.

“The claim concerns an alleged failure by Litasco S.A. to provide contractual quantities of cargo under long-term contract between the companies,” Palmali said in a statement sent to Reuters.

Palmali, controlled by Azerbaijan-born businessman Mubariz Mansimov, said the case involved “breach of contract amounting to just under $2 billion plus interest and costs.” It did not give further details about the contract.

Lukoil declined to make any immediate comment.

Lukoil has been considering selling its Swiss unit Litasco because new U.S. sanctions on Russia that will make it harder for the Geneva-based energy trader to raise new funds. (Reporting by Nailia Bagirova, additional reporting by Olesya Astakhova; writing by Vladimir Soldatkin; Editing by Dmitry Solovyov and Edmund Blair)

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