Court orders Yukos to pay 2.2 billion dollars to Rosneft

0 Comments | AFP, May, 2005

MOSCOW (AFP) — Russian oil group Yukos, in the grip of disputes with Russian authorities, was ordered by a court to pay 62.4 billion rubles (2.2 billion dollars, 1.7 billion euros) to state-owned oil group Rosneft.

In December, Rosneft acquired the main oil production unit owned by Yukos, called Yuganskneftegaz.

A court in Moscow found in favour of a claim by Rosneft that Yukos owed it 2.2 billion dollars for deliveries of oil to Yuganskneftegaz from July to December 2004, the Interfax news agency reported Friday.

Rosneft based its claim on an agreement signed in July 2004 between Yukos and its subsidiary. The susbsidiary was to supply oil for the parent company to sell.

But Yukos, in severe financial difficultie because the Russian tax authorities...