Russian Supreme Court to revise Rosneft’s deposit incentives

MOSCOW, Nov 18 (PRIME) – Deputy Chairman of the Russian Supreme Court Oleg Sviridenko will initiate revision of a case under which lower courts ordered the Energy Ministry to provide oil major Rosneft with documents to receive incentives for the oil produced at the Verkhnechonskoye field in 2012 and 2013 by a judicial board, the court said on Friday.

The hearing was slated for December 2016.

The ministry and the Federal Mineral Resources Agency did not confirm the oil production necessary for the duty incentives for 2012 and 2013, with officials saying that Rosneft has missed the deadline to submit the applications.

In 2015, a district court and a court of appeals obliged the ministry to confirm Rosneft’s right for the incentives, which may lead to the ministry repaying up to 60 billion rubles of export duty to Rosneft. In May 2016, the ministry challenged the decision in the Supreme Court, but Judge Vladimir Popov turned down the request. Sviridenko voided Popov’s decision on Monday.

(64.9154 rubles – U.S. $1)

End