Chris Porter, Silpa Maruri and Mark McNeill of Quinn Emanuel Urquhart & Sullivan convinced an arbitration panel to deny a request by China’s Unipec to terminate its $500 million oil storage lease with Limetree Bay Terminals, which still had about five years left.
September 30, 2022 at 07:30 AM
6 minute read
Editor/columnist
It’s called a “contango” in the oil market. That’s when the market price of crude oil is lower than the price of oil futures.
What we had back in April 2020, when the economic ripples of COVID-19 were laying waste to the global energy markets, is what we call a “super contango.” And it drove Unipec, the global trading arm of China’s oil and gas giant SINOPEC, to ramp up its use of an oil storage facility in the Caribbean Island of St. Croix run by Limetree Bay Terminals.
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L-R: Mark McNeill, Silpa Maruri and Chris Porter of Quinn Emanuel Urquhart & Sullivan. Courtesy photos
