The owner of Turkey's Palmali Shipping claims an alleged tanker charter contract breach involving Lukoil has cost it $4bn.

Azeri tycoon Mubariz Mansimov told the Anadolu news agency that his company and the Russian oil group's trading division Litasco signed a deal in 2005 that was to run for 10 years, with options for another five years.

In 2015, both companies tried to hold negotiations again, but Palmali would not accept the terms.