BB Energy has won a last-minute court judgment to prevent the government of South Sudan from selling an oil cargo worth at least US$20mn, due to be shipped next week, as it seeks repayment of a US$100mn loan it granted to one of the world’s poorest countries.
London High Court judge Christopher Butcher said in a November 18 hearing that he would grant an urgent injunction preventing the government of South Sudan from delivering or otherwise dealing with a cargo of 600,000 barrels of crude oil due to be lifted from Port Sudan on November 27, pending a further hearing.
BB Energy DMCC, a UAE unit of the London-headquartered commodity trader, claimed it had been promised the oil under a…