International Court Of Arbitration To Hold Hearing On Tatneft' OAO's Claim Against Ukraine-Interfax

Monday, 11 Feb 2013 03:58am EST 

Interfax reported that the International Court of Arbitration (the Hague, the Netherlands) on March 18-28 will hold hearings on a claim by Russia's Tatneft' OAO (Tatneft) against Ukraine as part of a dispute surrounding joint-stock company Ukrtatnafta (Kremenchuk Oil Refinery, Poltava region), according to a memorandum on Ukraine's Eurobonds issue. On December 16, 2012, Ukraine sent its response to Tatneft on the case. In early 2012, Ukrainian Justice Minister Mr. Oleksandr Lavrynovych said that Tatneft had halved its claim to $1.2 billion. The memorandum indicates the previous amount $2.4 billion. As reported, Ukrtatnafta is a disputable asset for Ukraine and Tatarstan. Ukrtatnafta was founded on orders from the presidents of Ukraine and Tatarstan in 1994 on the basis of the Kremenchug Oil Refinery in Poltava region. Companies close to Tatneft previously held 18.296% of shares in Ukrtatnafta, Tatarstan's Property Ministry owned 28.7788%, and Tatneft owned 8.6% directly. Following litigation, the stake of the Tatar shareholders was reduced to virtually zero, and the refiner acquired new shareholders close to the Privat group. Tatneft filed a $520 million lawsuit against Ukraine in an international arbitration court in 2007. The claim was later increased to $2.4 billion. 

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