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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Russneft loses tax evasion case



By Upstream staff 

A Moscow arbitration court today upheld a 17 billion rouble ($666.7 million) lawsuit against Russneft over tax evasion, increasing the oil company's debt before its planned sale to a Kremlin-friendly owner.

The ruling added to a 3.4 billion rouble ($133.3 million) back-tax claim against the mid-sized oil company upheld by the court last month and extended the state pressure which prompted the Russneft's head Mikhail Gutseriyev to step down, also in July.

The new tax claim may complicate the plans of billionaire Oleg Deripaska, Russia's second richest man, to buy Russneft. Deripaska is considered a close ally of President Vladimir Putin.

A spokesman for Deripaska's investment vehicle, Basic Element (Basel), said the company was not going to change its plans concerning Russneft and was still waiting for the federal anti-monopoly service to approve the deal.

A Moscow court earlier this week seized Russneft shares, as well as other property of Gutseriyev, who was personally accused of tax evasion and illegal business activities.

Gutseriyev said he was the target of unprecedented bullying from the state, but later withdrew the statement.

Analysts have linked the pressure on Russneft with the state's wish to increase control over the strategic energy sector, and said the company eventually might go to state-controlled oil major Rosneft.

Russneft produces 300,000 barrels per day of oil, has two refineries and recoverable oil reserves of 4.6 billion barrels.


Friday, 10 August, 2007, 13:45 GMT  | last updated: Friday, 10 August, 2007, 13:45 GMT

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