Vitol files bankruptcy suit against Macoil over failed payment
Geneva-based energy and commodities trading firm Vitol SA has filed a bankruptcy application against Greek bunkering firm Macoil International SA and its owners at the Court of First Instance of Athens on Wednesday (18 September) over an alleged failed payment totalling USD 20.6 million.
A Greek court document seen by Singapore bunker publication Manifold Times showed Vitol initiating claims from Macoil since 30 October 2018, but to no avail.
“After Macoil failed to repay, the trade relationship between Vitol and Macoil has ceased, with the exception of attempts to collect unpaid amounts,” stated the translated affidavit written by a Vitol representative.
Vitol’s total recorded debt of USD 20.6 million (exact: USD 20,617,099.19) against Macoil is as follows broken down:
- USD 20,413,608.58 (Fuel oil)
- USD 179,568.75 (Demurrage cost)
- USD 23,921.86 (Default Interest)
The court document, meanwhile, showed Macoil purportedly owing credit totalling USD 99.5 million to several parties (engaged in separate lawsuits against Macoil) including BNP Paribas, Unicredit, Vilma Oil, Sahara Energy Resource Limited, and Septo Trading.
The credit owed to the above parties are as follows:
- BNP Paribas – USD 24 million
- Unicredit – USD 27 million
- Vilma Oil – EUR 6.5 million (USD 7.12 million)
- Sahara Energy – EUR 26 million (USD 28.49 million)
- Septo Trading – EUR 16 million (17.53 million)
Published: 26 September, 2019
Metcore: Understand TR48 on the use of MFM
Taking a homogeneous approach on MFM systems places both the buyer and the supplier under risk without proper insurance.
BW supports the global implementation of mass flow meters
BW is proud to support the global implementation of mass flow meters for a more efficient, precise, and transparent bunkering process.