News & Current Affairs
London Court Fines Nigeria’s Gas Company $380M for Undelivered LNG
London’s High Court and Court of Appeal have directed the Nigeria LNG (NLNG) company to pay $380 million to global commodity traders Vitol and Glencore for failing to deliver 19 contracted LNG cargoes between 2020 and 2021. The shipments were meant for Taleveras, a trading firm that had pre-sold some cargoes to Vitol and Glencore. When Taleveras failed to honor the contract, due to NLNG’s default, the commodity traders sued. The court declined NLNG’s appeal, awarding $260 million to Vitol and $120 million to Glencore. It is currently unknown whether Taleveras was awarded any payment. A full written judgment is expected soon.
Source: Nairametrics
