Samsung Total files US$25 mln lawsuit against Projector for breaches in naphtha contracts

09-Jul-08
Samsung Total Petrochemicals, South Korea's leading petrochem maker, has filed a lawsuit to claim nearly US$25 mln from trader Projector for breaches in naphtha contracts. Samsung Total said in court filings that Projector Asia had failed to pay US$21.15 mln due in mid-May for 22,500 tons of naphtha that Samsung Total had shipped on May 8 to Korea's Port Daesan. Samsung Total is claiming US$3.6 mln in damages from Projector for failing to deliver 22,500 tons of naphtha in H1-June, part of a supply swap agreement related to the May shipment to Daesan.
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