Thursday, August 15, 2013

Rosneft Loses Case in Amsterdam over Yukos Loan

The District court of Amsterdam has ruled that Rosneft, Russia's largest state oil company, must pay 2,53 billion rubles ($76,6 million) to Glendale Group Ltd., the PRIME business news agency reported on Wednesday. Glendale Group Limited ("Glendale"), formerly one of Yukos affiliates, held promissory notes issued by former YUKOS subsidiary Yuganskneftegaz in 2003. After Rosneft bought control of Yuganskneftegaz in 2004, it had to pay the Promissory Notes. When Glendale requested Rosneft to pay its debt under the Promissory Notes, Rosneft refused. Gelndale sued and won.

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