Palmali Sues Trading Operator of Lukoil

Baku / 18.09.17 / Turan: Turkey-based Palmali, one of the biggest shippers in the Caspian region, said it had lodged a claim with the English High Court worth almost $ 2 billion against Litasco, the trading arm of the Russian oil producer Lukoil.

The claim concerns an alleged failure by Litasco S.A. to provide contractual quantities of goods under a long-term contract between the companies.

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."

The company Litasco was founded in Switzerland in April 2000 and has
registered subsidiaries in ten countries around the world, including the United States, Europe, Central Asia and Singapore. Litasco is the sole operator of the international trade of JSC Lukoil, which carries out all deliveries and trading operations of the Lukoil group outside of Russia. Activities of Lıtasco are aimed at international expansion and expansion of trade operations. It exports oil and oil products of the Lukoil Group and trades with companies outside the Group. -71D-