BP Appeal Against $3B Russia Court Ruling Postponed to Nov 9
MOSCOW - BP PLC's appeal against a court ruling ordering it to pay just over $3 billion to Russian oil producer TNK-BP has been postponed to Nov. 9, BP's lawyer and state news agency RIA said Thursday.
A court in Siberia ruled in July that BP caused damage to TNK-BP, a joint venture between the British major and a group of Soviet-born tycoons, when it sought an alliance last year with state-controlled OAO Rosneft without involving TNK-BP. BP's partners blocked that alliance in separate legal proceedings in the U.K. and are seeking damages from BP through arbitration.
Rosneft said Monday that it had agreed to buy TNK-BP from BP and its partners for a total of $55 billion in cash and shares.
The case in Siberia was brought by minority shareholders in TNK-BP's listed subsidiary, TNK-BP Holding.
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