Texaco Export, Inc. v. Overseas Tankship Corp.

OAKES, Circuit Judge:

The transactions which form the basis of these appeals illustrate the Byzantine complexity of international oil dealings as practiced by the major oil companies, the so-called “Seven Sisters.” Beneath the corporate mosaics, however, lie relatively simple damage claims which, in the case of the principal appeal, turn upon questions of contractual interpretation and, in the case of the third party appeal, are readily solved *718by well-recognized principles of damage calculation. On the principal appeal, we reverse and remand to the United States District Court for the Southern…