Vostok-Nafta capital investment fund affiliates were suing the Slavneft petroleum major for 22.6 billion rubles, roughly $700 million, in favor of Slavneft/Megionneftegaz Co. Now, the litigants announced an amicable agreement to the media after today's court session.
Austro Cyprus, Ltd. and Hagstremer & Quiberg Fundcommission AB came out as plaintiffs. Vostok-Nafta holds a 1.5% Megion block through their mediation. Megion is principal Slavneft production branch.
The plaintiffs had demanded from Slavneft to reimburse Megion damages for last year. They suspected Megion was selling petroleum to its mother company at an undue discount. Slavneft, in its turn, was exporting petroleum on its traders' behalf at world prices. Hence Megion's alleged loss of expected profit.
