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23

Canadian Firm Continues Its Fight

Canadian firm NoreX Petroleum and the US Federal Court of Appeal sent the company's lawsuit against TNK company

Canadian firm NoreX Petroleum and the US Federal Court of Appeal sent the company?s lawsuit against Russian TNK oil company and its shareholders Access/Renova and Alfa Group to the southern district court of New York for a new consideration.

NoreX tries to get back its 40 % stake in Russian company Yugraneft, which were seized by TNK, according to the accusation.

In case of judge for the plaintiff, TNK will have to pay $1.5 billion.

Yurganeft was set up in 1991 by Chernogorneft and NoreX Petroleum to develop the Malochernogorskoye deposit in the Western Siberia. NoreX contributed to the authorized capital stock by intellectual property to the sum of $5.8 million. After Chernogorneft was privatized, it was consolidated into SIDANKO and was later recognized bankrupt. Its shares in Yurganeft went to TNK.