Rosneft wins court case, Venezuela fields

MOSCOW, December 19, 2017 – A regional court in the Russian city of Chelyabinsk on Monday confirmed the award of USD 2.32 billion to Rosneft in a court case against conglomerate Sistema.


The news came a day after Rosneft received a licence to operate the Patao and Mejillones offshore gasfields in Venezuela, with combined estimated reserves of 180 bcm (6.36 tcf).

The Sistema award is for alleged damages Bashneft sustained during a 2014 restructuring. Rosneft bought Bashneft in 2016.

“The Corporation plans to implement the court’s ruling in accordance with the procedure established by law, and will simultaneously dispute the ruling of the appeal court by filing a cassation appeal to the Arbitration Court of the Urals District within the time limit prescribed by law,” Sistema said in a statement.

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