NEW YORK, United States, Friday May 14, 2010 – The Petroleum Company of Trinidad and Tobago (Petrotrin) has been served!
World GTL Inc yesterday said it had served the state owned oil company with the US$2 billion lawsuit it filed after the collapse of a partnership between the two entities.
The New York-based company, which claimed that Petrotrin breached its contract and expropriated assets in joint venture company World GTL Trinidad Limited, said it had been able to deliver the legal documents with the help of a court in the twin-island republic.
In the complaint filed in the US Federal District Court, World GTL Inc claims that Petrotrin executed its secret plan to expropriate the plant with the full knowledge and consent of the Trinidad Government.
In 2005 World GTL Inc and Petrotrin entered into a "Project Agreement" to build a gas-to-liquid plant within Petrotrin's refinery at a location selected by Petrotrin and recommended as safe.
he partnership company – World GTL Trinidad Limited – was owned 51 percent owned by the World GTL Inc subsidiary, World GTL of St Lucia Ltd, and 49 percent by Petrotrin.
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