Russia Court Dismisses $3 Billion Ruling Against BP Plc, Closes Case; Updates On TNK-BP Holding Stake Sale To NK Rosneft' OAO-DJ
Dow Jones reported that a Russian court on Thursday dismissed a $3 billion damages ruling against BP Plc and closed the case, ending months of legal strife for the U.K. company as it finalizes a deal to sell out of its joint venture (JV) in the country and take a stake in NK Rosneft' OAO. An arbitration court in the Siberian town of Omsk dismissed another court's ruling from last year ordering BP to pay just over RUB100 billion ($3.1 billion) in damages to its Russian joint venture TNK-BP. That court had ruled in July that BP caused damage to TNK-BP and the interests of its minority shareholders when it sought an alliance last year with Rosneft in the Arctic exploration deal without involving TNK-BP. The Omsk court, which was hearing BP's appeal, dismissed the case Thursday after the minority investors filed to withdraw the suit. BP and its partners are selling TNK-BP Holding to Rosneft in deals worth $55 billion after years of disagreements. BP will hold a 19.8% stake in Rosneft as part of its move to sell out of TNK-BP. The deals are expected to close in the first half of 2013.
- Share this
- Digg this