Russian court dismisses $3 billion ruling against BP
BY JAMES MARSON
MOSCOW -- A Russian court has dismissed a $3 billion damages ruling against BP and closed the case, a court official said, ending months of legal strife for the UK company as it finalizes a deal to sell out of its joint venture in the country and take a stake in oil giant Rosneft.
An arbitration court in the Siberian town of Omsk dismissed another court' s ruling from last year ordering BP to pay just over $3.1 billion in damages to its Russian joint venture TNK-BP. That court had ruled in July that BP caused damage to TNK-BP and the interests of its minority shareholders when it sought an alliance last year with Rosneft in the Arctic exploration deal without involving TNK-BP.
The Omsk court, which was hearing BP' s appeal, dismissed the case after the minority investors filed to withdraw the suit.
BP and its partners are selling TNK-BP to Rosneft in deals worth $55 billion after years of disagreements. BP will hold a 19.8% stake in Rosneft as part of its move to sell out of TNK-BP. The deals are expected to close in the first half of 2013.
Dow Jones Newswires