Russian court of appeals says Trebs, Titov license transfer legal

MOSCOW, Jan 22 (PRIME) -- Russia’s Ninth Arbitration Court of Appeals has satisfied claims of oil companies Bashneft and Lukoil and considered the transfer of Bashneft’s license to the Trebs and Titov field to their joint venture Bashneft-Polus legal, PRIME reported from the court room on Thursday.

The decision has already come in force and the license will be kept by Bashneft-Polus.

On December 15 Bashneft and Lukoil appealed a decision by a Moscow Arbitration Court to recall a license for the development of Trebs and Titov from Bashneft-Polyus.

On December 3, the court ruled that a transfer of Bashneft’s license for the Trebs and Titov field to Bashneft-Polus was illegal, partially satisfying a claim of Bashneft’s minority shareholder Railya Inosemtseva.

The transfer was cancelled by the government in 2012 due to the absence of refining facilities owned by the joint venture.

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