TASHKENT, December 10 (RAPSI) - LUKOIL's Chief Executive Officer Vagit Alekperov has told journalists on Wednesday that the company would file an appeal against a court ruling which revoked the license for the Trebs and Titov oil fields held by the joint venture of LUKOIL and Bashneft.
Last Wednesday, the Moscow Commercial Court declared unlawful the transfer of the license from Bashneft to Bashneft-Polus. The court ruled that the Federal subsoil resource use agency, or Rosnedra, unlawfully changed the terms of the license by transferring it to Bashneft-Polus.
The transfer of the Trebs and Titov license to Bashneft-Polus was contested by Railya Inozemtseva who who holds 10 shares of Bashneft.
Bashneft was granted the license to Trebs and Titov in 2011 and soon signed a contract with LUKOIL on establishing a joint venture to develop the oil fields. The license was transferred to Bashneft-Polus (25.1% owned by LUKOIL and 74.9% owned by Bashneft) on December 14, 2011. However, Rosnedra cancelled the transfer on May 18, 2012 because the joint venture had no oil processing facilities. Bashneft-Polus, after a long dispute, returned the development license in late May.