Moncrief Oil International abandons a claim against Gazprom for $1.37 bln

Moncrief Oil International (USA) has abandoned a claim against Gazprom for $1.37 bln, Bloomberg reports.

The case was considered at the Court in Fort Worth, Texas. The claim was filed in 2005. Moncrief Oil International tried to prove it had the right for a 40% stake in the South-Russky gas deposit. The company said that in 1997 a contract was signed with Zapsibgasprom (affiliate of Gazprom) which provided the participation of Moncrief Oil International in the development of the deposit.

Moreover, the American company thought that Gazprom used the secret commercial data in its interests. In particular, the financial plans of Moncrief Oil International on the construction of LNG plants on the coast of the Gulf of Mexico. The representatives of Moncrief Oil International said they had shown them to the delegation of Gazprom. After that the Russian corporation decided to sell its LNG plants in the USA.