Dubai Oil Co. Can't Escape $33M Award Over Supply Deal

Law360, London (May 24, 2021, 2:05 PM BST) -- A London appeals court has ruled that a Dubai-based energy company must pay $33.5 million in fees from an oil supply deal that went awry, as it rejected the firm's attempt to quash the debt.

The Court of Appeal upheld an order from the High Court on Friday, finding that IPC Dubai, an energy and commodities company, must pay the debt to Lenkor Energy Trading DMCC. IPC Dubai was acting as Lenkor's agent in the ill-fated oil supply sale at the heart of the contract.

Lenkor won an arbitration order for the debt as well as an enforcement order from Dubai's highest...

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