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Rosneft Oil Company

October 10, 2006

Rosneft Oil Company has received an arbitral award dated 6 October 2006

Rosneft Oil Company has received an arbitral award dated 6 October 2006 in the UNCITRAL arbitration proceeding brought by Total E&P Vankor against Anglo-Siberian Oil Company (Cyprus) Limited, an indirect subsidiary of Rosneft, for a 52% share in the license to the Vankorskoye oil field. The arbitration tribunal dismissed all claims against Anglo Siberian and ordered Total to pay to Anglo Siberian legal fees and arbitration costs incurred by Anglo Siberian. The arbitration award is final and binding upon the parties.

The decision in the second UNCITRAL arbitration proceeding with respect to the option to acquire 60% share of the North-Vankorskoye oil field between Total and Anglo Siberian has not been rendered yet.

 

 

 

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