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"Rosneft" has made the lifting of the Stockholm arbitration

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"Rosneft" has made the lifting of the Stockholm arbitration

Post by Admin on Wed Jul 22, 2015 1:52 am

Swedish Court of Appeals on June 25 upheld the complaint "Tyumenneftegaz" (is an asset of TNK-BP, in 2013, is part of "Rosneft") and reversed the decision of the arbitration in Stockholm to collect from the Russian company $ 173 million in favor of the American First National Petroleum.

It is reported by "Kommersant" , citing Jonas Eklund from the law firm Vinge, representing the interests of "Tyumenneftegaz" in Swedish court.

In 1992, the FNP and "Tyumenneftegaz" established a joint venture "Tyumteks." "Tyumenneftegaz" was to provide the joint venture a license to develop oil and gas deposits Kalchinskoye. The license was issued in 1993, but was framed for himself "Tyumenneftegaz" (now it is still in the company). In December 2011, FNP asked the Arbitration Institute of the Stockholm Chamber of Commerce for compensation for damage caused by her breaking partnership. The losses were estimated at $ 173 million, based on revenue, "Tyumenneftegaz" from oil sales in the local market. Development Kalchinskoye field began in 1993, according to reports of "Rosneft" in the first quarter, its reserves amount to 3.4 million tons of oil production in the first quarter - 99.5 thous. Tons. Hearings on the arbitration conducted in the summer of 2013, then avenged the loss in favor of the US company.

As explained by the "b" Jonas Eklund, Sweden's Court of Appeal declared the decision illegal, arguing that the tribunal has gone beyond its competence. The arbitrators ruled against "Tyumenneftegaz" on the grounds that the oral statement of the Russian company has distorted the scope of its estimated oil reserves. FNP of this violation is not stated, but the arbitration put this fact as the basis for its decision.

Lawyers say that the decisions of the Stockholm arbitration very rarely canceled. They cite statistics, according to which of the 191 cases in the last ten years the arbitration decision overturned by Swedish courts only 5% of cases.

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