Serbian Oil Co. Fights Glencore's $2M Restitution Suit

Law360, London (February 23, 2021, 5:52 PM GMT) -- A Serbian oil company has defended itself against a claim by energy trading giant Glencore for a $2 million storage charge the Serbian company incurred as part of a large crude oil deal that went awry.

Serbian oil producer and seller NIS JSC said in a newly public defense filed with the High Court on Feb. 8 that it was within its rights to withdraw money from Glencore's performance bond to cover storage charges that arose during the sale.

Glencore agreed to sell 1.1 million metric tons of crude oil to NIS in 2019, but the oil producer ran into problems...

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