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Oil and gas infrastructure developer still to receive $2.9 mln award

16:28 19/09/2011

MOSCOW, September 19 - RAPSI, Natalia Belova. The court has held a $2.9 million award for a major oil and gas infrastructure developer, the Klishin and Partners law firm told the Russian Legal Information Agency (RAPSI).

The Moscow District Federal Commercial Court has upheld the lower-courts' judgments.

The dispute between Stroytransgaz and Resad stemmed from a gas turbine power station project ordered by the latter. Vnesheconombank (Foreign Economic Bank) acted as the project investor.

According to the case materials, Resad terminated the contract in July 2010, arguing that the construction company failed to abide by its instructions and violated the project documentation and equipment delivery deadlines.

Stroytransgaz seeks payment for preparing the project documentation and assembly work execution. Initially, it claimed 7.699 billion rubles ($275 million), but later reduced the amount.

Stroytransgaz emerged on the industrial construction market in 2006. It implements major construction projects in oil and gas industry in 17 countries. Businessman Gennady Timchenko indirectly owns 80 percent of the shares in Stroytransgaz.

Klishin and Partners represents the defendant in the case.

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Oil and gas infrastructure developer still to receive $2.9 mln award

16:28 19/09/2011 The court has held a $2.9 million award for a major oil and gas infrastructure developer.
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