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Bashneft Board of Directors Approved the Terms of Out-of-Court Settlement with Sistema

Source: www.gulfoilandgas.com 12/22/2017, Location: Asia

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Rosneft and Bashneft announce that Bashneft Board of Directors approved the terms of the out-of-court settlement with JSFC Sistema and JSC Sistema-Invest. The voluntary settlement was signed by all the parties of the lawsuit on the compensation of damages from Bashneft reorganization. The settlement will be subject for the Bashkortostan Republic Arbitration court approval.

According to the settlement terms the defendants are obliged to compensate the agreed damages to Bashneft in the amount of RUB 100 bn. The funds for the compensation will be raised by the defendants with the assistance of the Russian Direct Investment Fund and Sberbank. The finalization of the payments shall be made by March 30, 2018. The parties agreed to restrain from any further claims regarding the disputable issues upon the above mention payments finalization.

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