Supreme Fuels Trading is awarded more than $32 million in dispute with California company relating to breach of supply agreement
Clients Supreme Fuels Trading FZE
Jones Day attorneys represented Supreme Fuels Trading FZE ("Supreme"), a company based in the United Arab Emirates that provides food, fuel, and other consumables to the U.S. military and NATO in high-risk areas such as Afghanistan, in a dispute with California based Cyrios, Inc. ("Cyrios"). Supreme and Cyrios had a contract pursuant to which Cyrios was to supply Supreme with specified quantities of jet fuel from Turkmenistan each month for a two year period at a fixed price. Unable to procure the fuel at a favorable price or otherwise unwilling to perform as agreed, Cyrios repudiated the agreement. It nevertheless withheld the significant down payment funds it had already received, claiming that Supreme was in breach for its failure to comply with certain agreed payment terms. After extensive pre-arbitration proceedings that included an attachment petition, a motion to compel arbitration, an appeal, and bankruptcy proceedings in the California courts, binding ICC arbitration hearings went forward in London. The Arbitral Tribunal issued its final Award in June 2011 and awarded Supreme with its more than $32 million in damages, interest, costs, and fees.
Supreme Fuels Trading FZE v. Cyrios, Inc., Case No. 16717/MLK/ARP (ICC International Court of Arbitration)