Rosneft, Sakhalin-1 consortium settle dispute out of court

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A sign at the headquarters of the Rosneft Oil Company in Moscow

A sign at the headquarters of the Rosneft Oil Company in Moscow


© Vladimir Gerdo/TASS

YUZHNO-SAKHALINSK, November 2. /TASS/. Russian oil major Rosneft announced on Friday that it would withdraw its lawsuit against members of the Sakhalin-1 consortium, a TASS correspondent reported from the courtroom.

“Rosneft announced that it would drop the lawsuit,” a Sakhalin Arbitration Court judge said. “The arbitration court stops court proceedings on the case as the lawsuit has been dropped.”

A spokesperson for India’s ONGC, which is a part of the Sakhalin-1 consortium, confirmed that the dispute had been settled out of court.

“We have settled the dispute,” the spokesperson said.

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