In a “striking” international dispute the Irish High Court has provided clarity on how it interprets and deals with Letters of Credit, which are essential to facilitate import and export transactions and effective international trade. The case which came before Mr Justice Rory Mulcahy involved a dispute between Nigerian, Canadian, and Chinese companies over a contract in Nigeria to design and manufacture a gas processing plant that was to convert flared gas into clean gas that could be used for cooking and as an alternative to diesel.  The applicant, First Modular, a Nigerian gas company, sought to restrain Irish-registered Citibank…

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