Nortgaz At Law Wit Russia's Ministries

Russian independent gas producer Nortgaz has filed a suit against Russian Finance Ministry for over 119 billion rubles (over $4.3 billion) in damages over the loss of a license for a West Siberian gas deposit, Moscow Court of Arbitration told reporters.

Russia?s Ministry of Natural Resources and the Federal Agency for Subsurface Resources Use are also involved in the case.

Nortgaz has confirmed that the company estimates the cost of developing and lost future profits from the Severo-Urengoyskoye deposit in West Siberia at the stated amount.

At the moment it is not known whether this lawsuit has been accepted for hearing.

The Ministry of Finance said on Wednesday evening it had not yet received a copy of the statement of claim. However, the Ministry of Natural Resources confirmed that it had received the documents.