MOSCOW, September 19 - RAPSI. New York State Supreme Court has dismissed a $1 billion claim filed by Canadian oil company Norex Petroleum against Russia's TNK-BP and UK's British Petroleum, according to the court ruling obtained by RAPSI.

In addition to the aforementioned companies, Access Industries, Alfa Group, Renova, TNK, as well as Viktor Vekselberg and Leonard Blavatnik, who own and control Access, Renova and TNK, were also listed as defendants in the lawsuit.

Norex Petroleum alleged that as a result of large-scale fraud the company lost its controlling interest in Yugraneft, which managed major oil deposits in Russia. The plaintiff claimed that TNK owners Viktor Vekselberg and Leonard Blavatnik forced Chernogorneft, which owned 40 percent of shares in Yugraneft, to declare bankruptcy and they then purchased its stake in the disputed business at a reduced price. Then they allegedly bribed a local court to transfer two-thirds of Norex's 60-percent stake to TNK.

In the end, the statement of claims read that Norex was left with only 20 percent of Yugraneft and became "a powerless minority shareholder".
Norex Petroleum assessed the damages at approximately $1 billion.

The defendants in turn filed a motion to dismiss the lawsuit. They motivated their requirements on the grounds that the claims are barred based on the statute of limitations and a lack of proper jurisdiction over the case. Judge Eileen Bransted upheld their arguments and dismissed the suit.