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Lawsuit against LUKOIL-Conoco Phillips joint venture suspended

14:41 16/12/2011

MOSCOW, December 16 - RAPSI, Dmitry Shchitov. A commercial court has suspended the proceedings in a lawsuit to order a LUKOIL/Conoco Phillips joint venture to pay $17.3 million in compensation for environmental damage caused by waste disposal, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The court has not disclosed the reason for the suspension.

The Federal Service for the Supervision of Natural Resources requested the court to oblige the Naryanmarneftegaz JV to pay for disposing saline oily waste water generated from hydrocarbon production and oil treatment at the Varandey facility. The statement of claim requires payments for the second and third quarters of 2008 in the amount of 549.1 million rubles ($17.3 million).

LUKOIL holds a 70-percent stake in Naryanmarneftegaz and Conoco Phillips has a 30-percent share. The company is developing the South-Khylchuyut oil field discovered in 1981. Its actual reserves are over 500 million barrels.

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Lawsuit against LUKOIL-Conoco Phillips joint venture suspended

14:41 16/12/2011 A commercial court has suspended the proceedings in a lawsuit to order a LUKOIL/Conoco Phillips joint venture to pay $17.3 million in compensation for environmental damage caused by waste disposal.
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