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Colorado district court dismisses diamond corporation's claims against LUKOIL

Tags: U.S., Claim, LUKOIL
10:47 26/10/2011

MOSCOW, October 26 - RAPSI. A Colorado district court (USA) has dismissed all the claims Archangel Diamond Corporation (ADC) filed against Russian major oil producer LUKOIL, the oil company reported.

The court ruled on October 20 that ADC failed to prove its position while the claims brought against LUKOIL are unfounded and based on emotions.

The Arbitration Institute of the Stockholm Chamber of Commerce earlier held against ADC in its lawsuit against LUKOIL's subsidiary Archangelskgeoldobycha. US federal courts also dismissed ADC's claims against the oil producer.

ADC has been suing LUKOIL and its subsidiary since 2001 for a diamond deposit in Arkhangelsk Region. Archangelskgeoldobycha and ADC set up a joint venture called Diamond Shore (Almazny Bereg) in 1993. The Russian company was expected to contribute the deposit development license, while ADC committed to invest into the development. However, the license holder failed to transfer the license to the Diamond Shore.

ADC filed a lawsuit with the U.S. court claiming $4.8 billion in compensation, of which $1.2 billion accounted for losses and $3.6 billion in fees and penalties.

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Colorado district court dismisses diamond corporation's claims against LUKOIL

10:47 26/10/2011 A Colorado district court (USA) has dismissed all the claims Archangel Diamond Corporation (ADC) filed against Russian major oil producer LUKOIL.
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