Trading giants Vitol and Glencore will receive $380 million in compensation after their gas supplier, Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer over cargo non-delivery, according to court documents seen by Reuters.
The case, heard in London’s High Court and Court of Appeal, is part of a growing wave of lawsuits filed by buyers against sellers and producers for failing to deliver cargoes.
These disputes have surged since global gas prices rebounded from pandemic-era lows, particularly after Russia’s invasion of Ukraine in February 2022.
Taleveras initiated legal action four years ago against Nigeria LNG (NLNG), a joint venture involving Shell, TotalEnergies, and Eni, along with the Nigerian state-owned oil company, which holds a 49% stake.
Last week, NLNG’s appeal was rejected, as confirmed in an official court video. A full written judgment is expected in the coming weeks.
