Saudi Aramco Sues Gulf For $8M Over Impounded Ship

Law360, London (February 11, 2021, 4:44 PM GMT) -- Saudi Aramco is suing another petroleum company for mishandling an oil sale, leaving it with a bill of almost $8 million after a Swiss bank claimed ownership of the oil and had the ship carrying it impounded in Singapore.

A subsidiary of Aramco has said in a lawsuit filed on Feb. 5 and now made public that it had to pay $7.8 million when a ship carrying 20,000 tons of oil that Gulf Petrochem — based in Sharjah in the United Arab Emirates — had sold to the state-owned Saudi giant was impounded in Singapore in August 2020.

Aramco is asking...

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