Rosneft to abide by Dutch court Yukos decision: company

28th June 2010, Comments 0 comments

Rosneft said on Monday it would abide by a top Dutch court decision denying Russia's largest oil firm the right to appeal against an order to pay 400 million dollars to the now defunct Yukos oil major.

On Friday, the Supreme Court of the Netherlands denied the Russian company's appeal against a ruling to repay arbitration awards of around 12.9 billion rubles (416 million dollars) granted to Yukos Capital, a former subsidiary of Yukos, both Yukos Capital and Rosneft said.

"Rosneft will abide by the decision of the Supreme Court of the Netherlands," the company said in a statement.

At the same time it expressed disappointment at the decision, indicating the Dutch court had not studied the company's position carefully enough.

Yukos Capital on Friday called the ruling significant.

"Its ruling today means that Yukos Capital can now enforce the arbitral awards in the Netherlands," the company said in a statement.

The awards relate to loans Yukos Capital made in 2004 to Yuganskneftegaz, the Yukos main production subsidiary acquired by Rosneft the same year, the statement said.

© 2010 AFP

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