Bashneft has returned deposits

Against its will.

Bashneft, that will be transferred from AFK Sistema to the Government next week, loses its partner on the development of the largest project – the Trebs and Titov deposits. By the claim of the minority shareholder of Bashneft the Court proved invalid the re-issue of the license from the oil company to its JV with Lukoil. Bashneft and Lukoil in summer called the claim to be a raider attack and addressed the General Prosecutor’s Office but it didn’t support the companies.

The Arbitration Court of Moscow yesterday partially satisfied the claim of the minority shareholder of Bashneft, R. Inozemtseva, who claimed to cancel the transfer of the license for the Trebs and Titov deposits to the JV with Lukoil – Bashneft-Polyus. The claim proved invalid the respective decision of Rosnedra. R. Inozemtseva put in question the actions of the management of Bashneft but the Court denied. The company’s loss from the transfer of licenses was assessed by the minority shareholder at $10 bln. A representative of Bashneft yesterday told Kommersant that the company would consider an opportunity to appeal after it receives and studies the motivation part of the Court’s decision. Lukoil, Rosnedra and a representative of R. Inozemtseva refused to comment.