Arbitration Court has collleted 458 thousand roubles instead of 207 mln roubles from VNIPIneft by the claim of Tatneft

The 9th Arbitration Court of Appeal has changed the decision by the claim of Tatneft on the collection of 207 mln roubles from the scientific-research and projection institution VNIPIneft OJSC, and ordered to collect 458 thousand roubles.

The first instance in July partially satisfied the claim of Tatneft which demanded to collect 623 mln roubles of penalty for the overdue of equipment supply and violation of terms of execution of works. Both Tatneft and VNIPIneft appealed the decision of the first instance.

In 2009 the parties signed an agreement in conformity with which VNIPI was supposed to carry out projection and research works and ship equipment to Tatneft.

The claim is explained by the improper execution of works by VNIPIneft and equipment supply within the stipulated time.