PRESS: Transneft, Rosneft agree on 2019 Druzhba contamination

MOSCOW, Sep 1 (PRIME) -- Russian oil major Rosneft and oil pipeline monopoly Transneft have settled their court dispute over a 2019 contamination of oil in the Druzhba export pipeline, Kommersant business daily reported on Friday quoting sources.

Transneft undertook the obligation to compensate financial damages of up to U.S. $15 per barrel to the oil companies. All large Russian oil firms settled their disputes quickly, except Rosneft that took a long time to agree on the sum of compensations with some of its foreign clients. The statute of limitations on the compensation expired in May 2022, and Rosneft filed a suit against Transneft demanding redemption of 11.9 billion rubles of losses.

Sources told Kommersant that under the deal, Rosneft will reject its claims against Transneft, but Transneft will have to extend the deadline for paying the compensation until May 2025. The compensation will be paid if there is enough documents to prove its necessity or if the company provides court rulings on the matter. Compensation will not exceed $15 per barrel, the business daily reported.

If Rosneft’s foreign customers demand compensation of over $15 per barrel and prove the grounds of their claims in court, Rosneft’s losses could be compensated on a Russian government decision. Also, Transneft will have to reject its 2 billion ruble suit against Rosneft over the cost of oil storage if the oil company covers around 400 million rubles of the sum, Kommersant reported.

(96.3344 rubles – U.S. $1)

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