Russian Supreme Crt sides with Rosneft on 60 bln rbl duty incentive

MOSCOW, May 13 (PRIME) -- Russia’s Supreme Court has upheld a lower court decisions ordering the Energy Ministry to provide export duty incentives for the oil developed at the Verkhnechonskoye field by Rosneft in 2012 and 2013, which means that the oil major can get a 60 billion ruble refund, according to documents seen by PRIME late Thursday.

The court cancelled a cassation claim by the Energy Ministry which was asking to send the claim for reconsideration to the court panel for economic disputes. The Supreme Court also cancelled a claim against an order to the ministry to certify Verkhnechonskoye oil production for incentives.

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

Rosneft filed a suit against the decision. The Moscow Arbitration Court turned down the suit in June 2015, but later the Ninth Arbitration Court of Appeals and the Moscow District Arbitration Court voided the lower court’s decision and obliged authorities to provide necessary confirmations to Rosneft.

(64.9607 rubles – U.S. $1)

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