Glencore wins court nod for Prax refinery lawsuit
Glencore has secured court approval to pursue a 236 million dollar lawsuit against the insolvent Prax Lindsey refinery. The London court ruled the commodities trader has an arguable case to recover losses following the refinery collapse.
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GLENCORE PLC secured High Court approval on Monday morning to pursue a $236 million lawsuit against the insolvent Praxs Lindsey refinery in the United Kingdom over unpaid crude oil supplies. The legal action targets losses stemming from the collapse of the 113,000-barrel-per-day northern England facility. The site previously supplied approximately 10% of the nation's petrochemical needs before its demise last year.
