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Thu 4 Feb 2010 08:31

World Fuel Services seeks $4.3m payment


Court filing states that Iraq failed to pay for a portion of the goods supplied by Tramp Oil in 2006.

Miami-based World Fuel Services is seeking $4.3 million from the Republic of Iraq, according to a federal court filing in Miami.

The court filing is a registration of foreign judgment, which states that the Iraqi State Enterprise for Water Transport paid only $4 million of a $7.6 million bill for marine fuel and supplies in 2006.

The outstanding amount was owed to UK companies Tramp Oil & Marine Ltd. and Bromley Partnership LLP.

Tramp Oil was later acquired by World Fuel Services to become part of World Fuel Services Europe.

Since 2006, the owed amount is said to have accrued more than $700,000 in interest, with additional fees of $100,000.

Upon registering the judgment in the United States, a federal complaint states: “The Iraqi government breached its contract by failing to pay for a portion of the goods supplied by Tramp Oil.”

The complaint also says that the Iraqi government failed to respond to attempts by U.S. federal court to serve notice on it, and a default judgment was first entered in federal court in Baltimore, Maryland.

World Fuel Services Corporation is a global leader in the marketing and sale of marine, aviation and land fuel products and related services.

Last year, the company acquired Henty Oil Group of Companies, a leading independent provider of marine and land based fuels in the United Kingdom.

Henty, based in Liverpool, achieved 2008 marine sales of over 250,000 metric tons, servicing the Irish Sea ports of Liverpool, Holyhead and Heysham. Henty's land segment, with 2008 volume of approximately 10 million gallons, provides fuel and gas oil to a broad range of customers throughout the United Kingdom.

In 2009, World Fuel Services also aquired select assets of Chicago-based TGS Petroleum, Inc.. With 2008 volume of over 100 million gallons, TGS is an authorized branded distributor for CITGO Petroleum Corporation and Marathon Petroleum Company, LLC and a licensee for Clark Brands, LLC.

TGS distributes gasoline and diesel fuel under long-term contracts to over 160 retail petroleum operators.

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