MOSCOW, December 3 (RAPSI) – The Moscow Commercial Court reviewed the license for the Trebs and Titov oil fields which was held by Bashneft Polyus, a Bashneft and Lukoil joint venture, and revoked it, RAPSI reported from the courtroom.

The lawsuit was filed by Railya Inozemtseva, 75, who owns 10 shares of Bashneft.

Inozemtseva’s lawyer argued that there were no substantial grounds for reregistering the license with Bashneft Polyus, which did not meet the tender requirements, and that the decision violated Inozemtseva’s dividend payment right by greatly decreasing her dividends.

In late May, Bashneft Polyus, where LUKoil holds 25.1 percent and Bashneft 74.9 percent, received a development license for the large Trebs and Titov oilfields in the Nenets Autonomous Area in the north of European Russia.

Bashneft signed an agreement with LUKoil to create a joint venture to develop the oilfields soon after winning the license in 2011. The license was reregistered with Bashneft Polyus on December 14, 2011. In May 2012, Rosnedra revoked the license transfer, arguing that Bashneft Polyus had no processing facilities.

The license terms were reviewed in early 2014, and in March Bashneft initiated the transfer of the license to Bashneft Polyus.

The C1 (proven) reserves of the Trebs and Titov oilfields in the Timan-Pechora oil and gas province are estimated at 78.9 million and 63.4 million metric tons of oil, respectively. Bashneft bought the license for 18.476 billion rubles ($569.63 million), while the starting price was 18.171 billion rubles ($560.23 million).

On October 30, the Moscow Commercial Court heard a lawsuit filed by the Prosecutor General’s Office to return 71.6 percent of Bashneft shares from Sistema and its subsidiary, Sistema Invest, to the state. The court established that the Bashkir authorities had privatized government-held fuel and energy facilities in the republic illegally and without federal approval. The court ruled in favor of reclaiming the stake on November 7.