Report: Total wins $22.4 bln dispute with Russian regions

MOSCOW, Jul 28 (PRIME) -- French energy giant Total has won a legal dispute with two Russian regions which wanted the company to pay them U.S. $22.4 billion in damages, Bloomberg reported on Friday quoting materials of the company.

A French arbitration court completely rejected claims of the Saratov and Volgograd regions.

In 2008, prosecutors of the French city of Nanterre initiated preliminary investigation under a suit of the two regions against Total. In the suit, the regions demanded redemption of losses from company Elf Aquitaine, bought by Total in 2000, leaving a project for exploration and production of hydrocarbons in Russia under an agreement signed in 1993.

The project encompassed Elf Aquitaine giving 50% of its profits to the two regions in the next 50 years of oil production. France’s Figaro reported earlier that the two regions could have received a profit of up to $170 billion. Total said previously that the deal could have been implemented only after approval of specific bills, which did not happen.

End