03 February 2017
Petrosaudi Oil Services (Venezuela) Ltd v Novo Banco S.A. and others [2017] EWCA Civ 9, [2017] All ER (D) 92 (Jan)
The Court of Appeal in allowing the appellant comapny’s appeal, held that the appellant, POS, had been entitled to call for payment of sums under a standby letter of credit (SBLC) for the account of the third respondent, PDVSA. POS had contracted with PDVSA regarding the provision of drilling services. Further, in the circumstances, the general counsel of POS had been entitled to sign a demand presented to the relevant bank under the SBLC.
