Hague court ruling on Yukos doesn’t concern BP – company head
MOSCOW, July 30 (RAPSI) – The ruling of the Permanent Court of Arbitration in The Hague that awards former Yukos shareholders $50 billion in compensation in a lawsuit against Russia does jot concern BP, RIA Novosti announced, citing BP Director Robert Dudley.
Under the ruling, made on July 18, Cyprus registered Hulley Enterprises and Yukos Universal Limited, subsidiaries of Group Menatep Limited which jointly owned 51% of Yukos, are to receive $39.9 billion and $1.85 billion, respectively, while Yukos’s pension fund, Veteran Petroleum Ltd., has been awarded $8.2 billion.
Russia is obliged to pay the compensation to Yukos shareholders by January 15, 2015, or face additional demands for interest on the sum.
Russia said it would appeal the ruling.
The media later wrote that Group Menatep head Tim Osborne ruled out the possibility of a lawsuit against BP as a Rosneft shareholder if Russia does not pay the $50 billion compensation.
BP owns a 19.75% stake in Rosneft, which became the leading Russian oil company after purchasing the assets of bankrupt Yukos in 2007.
Rosneft announced on Monday that all transactions to purchase Yukos assets were fully legitimate.