Palmali sues Litasco for $2bn

Turkey’s Palmali has lodged a claim worth nearly $2bn with the English High Court against Litasco, the trading arm of Russian energy giant Lukoil.

Palmali claims Litasco failed to meet the terms of a long-term contract signed between the two parties.

No further details of the case have emerged yet.

The courts in London have played host to a number of high profile Russian-linked shipping cases in recent years, most notably Sovcomflot’s long running multi-billion dollar court battles.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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