Future Of British Business
Vitol Threatens Gas Halt in €1 Billion Standoff With Germany
- SEFE sued trading giant Vitol in London over gas delivery cut
- German-controled SEFE faces potential losses of €1 billion
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Commodities giant Vitol SA is threatening to suspend gas deliveries to a German state-controlled energy business in a legal standoff that could cost the German company around €1 billion.
SEFE Marketing & Trading Ltd., a former Gazprom PJSC-trading arm, lost an urgent London court bid seeking to stop trading firm Vitol from cutting the gas supplies as soon as next week. Gas prices have surged since the contract was first signed, meaning the stakes for both sides are huge.