Turkey-based Palmali lodges $2 billion claim against Lukoil's Litasco

Turkey-based Palmali, one of the biggest shippers in the Caspian region, said on Monday it had lodged a claim with the English High Court worth almost $2 billion against Litasco, the trading arm of Russian oil producer Lukoil.

"The claim concerns an alleged failure by Litasco S.A. to provide contractual quantities of cargo under long-term contract between the companies,” Palmali said in a statement sent to Reuters.

Palmali, controlled by Azerbaijan-born businessman Mubariz Mansimov, said the case involved "breach of contract amounting to just under $2 billion plus interest and costs.” It did not give further details about the contract.

Lukoil declined to make any immediate comment.