Italian Co. Can't Pull Citgo Into La. Court In $186M Dispute

By Carolina Bolado (September 2, 2016, 8:55 PM EDT) -- The Fifth Circuit ruled Thursday that Italian company Energy Coal SpA could not bring its $186 million suit for nonpayment against Venezuelan state-owned oil company Citgo in Louisiana simply because both companies do business unrelated to the dispute in that state.

A three-judge panel of the appeals court affirmed a district court's ruling and said Energy Coal, which buys and sells fuel-grade petroleum coke, a byproduct of oil refining, cannot sue Citgo in Louisiana to collect on $186 million it says it is owed under a contract with Petroleo, which, like Citgo, is a wholly owned subsidiary of Venezuela's state oil...

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