Two Russian Regions Pursue Total For Up To $269 Billion

PARIS, April 10, 2008 (Dow Jones Newswires)

Two Russian regions have demanded compensation from French oil company Total SA for up to EUR170 billion (US$269 billion) related to oil fields which were never exploited, according to a report in French daily newspaper Le Figaro Thursday, citing unspecified sources.

No one at Total was immediately available for comment.

According to Le Figaro, a French prosecutor recently initiated a formal investigation regarding a possible breach of trust on the basis of a "complaint against person or persons unknown."

In an initial complaint lodged in August 2006, the two regions argued they were expecting to receive between $33 billion to $85 billion each from the processing by Total of their oil fields.

PARIS, April 10, 2008 (Dow Jones Newswires)