Trading houses Vitol and Glencore will receive $380-million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed.
The case heard in London's High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the Covid pandemic when Russia invaded Ukraine in February 2022.
Taleveras sued Nigerian venture, known as NLNG and involving Shell TotalEnergies and Eni as partners, four years ago. These three companies are minority shareholders in NLNG, along with the Nigerian state-owned oil company which has 49%. Last week, Taleveras had NLNG's appeal rejected, according to an official video of court proceedings.
A full written judgment is due to be released in the coming weeks. 