Court returns the license for Trebs and Titov deposits to JV of Bashneft and Lukoil again

After the transfer of control over Bashneft to the Government and release of its ex-owner, V. Evtushenkov, the problems of the company and its partners have started to quickly be settled. By the yesterday’s Court decision, the license for the development of the Trebs and Titov deposits will stay at the JV of Bashneft and Lukoil. The Court canceled the decision of the previous instances. Further fate of the JV, analysts think, will depend on the new owner of Bashneft, however, even the dates of its secondary privatization haven’t been determined as yet.

The Ninth Arbitration Court of Appeal has returned to the JV of Bashneft and Lukoil – Bashneft-Polyus – the license for the development of the Trebs and Titov deposits in the Nenets Autonomous Area. The Court satisfied the claim of appeal filed by Bashneft, Lukoil, Bashneft-Polyus and Rosnedra that demanded the cancellation of the decision of the Arbitration Court of Moscow made in December. By the claim of the minority shareholder, R. Inozemtseva (holds 10 shares), the license was revoked from the JV and transferred directly to Bashneft.