Targa Must Repay $129M In Failed Crude Processing Deal

Law360 (October 19, 2020, 6:42 PM EDT) -- Midstream resource management company Targa Channelview LLC will have to return $129 million plus interest that energy company Vitol Americas Corp. paid it to build a crude oil storage and processing facility, after a Texas state court ruled that Targa breached a construction agreement.

Harris County District Judge Larry Weiman ruled against Targa on Thursday after presiding over a five-week bench trial via Zoom, but hasn't formally entered judgment yet. He has told the parties he plans to do so at a hearing scheduled for Friday. Vitol intends to seek the $129 million and $18 million in interest.

Judge Weiman held...

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