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South Korea’s Samsung Heavy Industries goes to the Singapore Worldwide Arbitration Centre to file a case in opposition to a Russian shipyard proprietor that cancelled contracts value $4.3bn for the provision of oil and fuel tankers.
Samsung Heavy mentioned yesterday it’ll sue Zvezda because the Russian shipbuilder, which faces sanctions from the US, requested the Korean shipbuilder to return $800m value of downpayments obtained and pay curiosity for arrears after unilaterally canceling two contracts value $4.3bn.
Zvezda knowledgeable Samsung Heavy on Tuesday of the cancellation of its contracts for the provision of blocks and tools together with 10 icebreaking LNG carriers and 7 icebreaking shuttle tankers.
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