Russian court 'orders new TNK-BP hearing'

Raking over the coals: of dispute at TNK-BP

AFP PHOTO / NATALIA KOLESNIKOVA

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News Wires

 04 June 2012 10:11 GMT

A Russian court has ordered a new hearing into a $13 billion lawsuit brought against BP by minority shareholders in its Russian venture TNK-BP over a failed deal between the UK supermajor and Rosneft, according to a report citing a BP lawyer.

The Federal Arbitration Court in the Siberian city of Tyumen has ordered a new hearing in a lower court, lawyer Konstantin Lukoyanov told Reuters. The original suit was thrown out last year.

“Today's decision casts doubts over the domestic court system's ability to create a predictable and effective legal environment,” Lukoyanov said, adding it “inflicts substantial damage on Russia's investment climate”.

The ruling comes amid renewed hostilities between TNK-BP's co-owners, BP and a quartet of billionaire investors that escalated last Friday when BP said it would seek to sell its 50% stake after…

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