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GP Global wins $11.6 million in bunker dispute

10 Apr 2018

International bunkering firm GP Global (formerly Gulf Petrochem Group) will be claiming approximately $11.6 million from a November 2014 bunker dispute with Petrotec, according to the final Singapore High Court judgement on Friday (6 April).

“[…] since Gulf does not have title to the Surplus Oil, its claims for a delivery up of the Surplus Oil and/or for damages for conversion or detinue are dismissed,” concluded judge Woo Bih Li J.

“Instead, Petrotec is to pay Gulf US$8,123,896.43 as the purchase price of the Surplus Oil.

“In addition, Petrotec is to pay Gulf US$3,447,582.87 as the aggregate amount due and owing under the nine outstanding debit notes. Also, the Guarantors are jointly and severally liable to pay those two sums to Gulf.”

Gulf’s claim against Petrotec was for delivery of 15,309 metric tonnes (mt) of fuel oil (the Surplus Oil) which Petrotec had allegedly received and held on behalf of Gulf.

Petrotec was a Singapore-incorporated company engaged in the business of dealing in marine petroleum products and providing fuel oil delivery services. It was originally set up by Tan Keng Huat, Dennis (Dennis Tan) in 2007 to provide offshore engineering services, and started to deal in fuel oil in 2011.

Dennis Tan also manages Tankoil, a company involved in the ongoing O.W. Bunker/Dynamic Oil trail taking place at an Aalborg Court in Denmark.

Related: Dynamic Oil trial: Lars Moller provides testimony

Photo credit: GP Global
Published: 10 April, 2018

 

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