Prax Group Parent Sued For $4M Over Refinery Deal

By Lucia Osborne-Crowley (February 4, 2021, 5:30 PM GMT) -- A commodities trading company is suing the parent company of Prax Group for $4 million at a London court after it agreed to provide funding for the oil giant to buy a refinery but discovered that it had allegedly held secret talks with another funder.

Mercuria Energy Trading SA said in a claim at the High Court, dated Jan. 12 but only now made public, that State Oil Ltd., the Prax Group parent, had breached its contract for the purchase of a large oil refinery in Lincolnshire, eastern England.

The trading company claims that State Oil, which imports and supplies automotive...

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