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23 April, Monday

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Rosneft and Sistema filed statement on settlement agreement to Bashkortostan Arbitration Court

Economy/Business

UFA, 25 December 2017. /Bashinform News Agency, Galina Bakhshieva/.

Rosneft and its subsidiary Bashneft, Sistema JSFC and Sistema-Invest, as well as the Ministry of Land and Property Relations of the Republic of Bashkortostan submitted to the Arbitration Court of Bashkiria an application for the settlement agreement approval, RBC reports.

Rosneft and Sistema agreed to conclude an amicable agreement on the dispute over the reorganization of Bashneft held in 2014.

Rosneft demanded compensation of 170.6 billion rubles of losses. In August this year, the Arbitration Court of Bashkiria partially granted this claim, reducing the amount of claims to 136.3 billion rubles. On December 18, the appellate court upheld this decision.

Under the terms of the settlement agreement, Sistema JSFC is to pay Bashneft 100 billion rubles until March 30, 2018. After that, the parties pledged to withdraw their mutual claims.

The amicable agreement provides for the removal of the arrest from the Sistema’s assets, which was imposed at the request of Rosneft. In particular, 31.76% stake in MTS, 100% stake in the "Medsi" chain of clinics and 90.47% stake in the Bashkir Electric Grid Company (BESK) were under arrest.

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