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Montevideo, November 22nd 2017 - 13:09 UTC

Tag: UK Admiralty Court

  • Thursday, April 20th 2017 - 23:21 UTC

    Russian shipping conglomerate suing Venezuela's oil giant PDVSA for unpaid fees

    Despite a longstanding alliance between Venezuela and Russia, Sovcomflot sued PDVSA in St. Maarten, a Dutch island on the northeast end of the Caribbean.

    Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about US$20 million - money the crisis-stricken nation desperately needs. Instead, the owner of the tanker, the Russian state-owned shipping conglomerate Sovcomflot, held the oil in hopes of collecting partial payment on US$30 million that it says PDVSA owes for unpaid shipping fees.