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24

Sibneft In Reciprocal Action With British Company

Russian oil producer Sibneft has taken reciprocal action against the British company

Russian oil producer Sibneft has taken reciprocal action against the British company Sibir Energy which accused the Russian oil major of stealing its assets.

Russian company is contesting the lawsuit, according to The Daily Telegraph.

Earlier Sibir Energy had won an injunction in the British Virgin Islands against Sibneft which it accuses of effectively stealing a $2 billion oil field. Sibir accuses Sibneft of illegally diluting its holding from 50 percent to less than 1 percent by secretly selling shares in the joint venture, called Sibneft-Yugra, to companies affiliated to Sibneft.

Sibneft continues to deny all accusations and refused to comment on the details of the litigation or the undertakings.