Bloomberg News

BP Wins Dismissal of Norex Lawsuit Over Yugraneft Stake

September 17, 2012

BP Plc (BP/) and its partners in the Russian oil venture TNK-BP won dismissal of Norex Petroleum Ltd.’s lawsuit claiming more than $1 billion damages over the loss of a controlling stake in a Russian oil company.

Justice Eileen Bransten of New York State Supreme Court in Manhattan dismissed Norex’s complaint in a decision made public today, saying it was “clearly untimely” and barred under the statute of limitations.

Norex sued BP, Access Industries Inc., Alfa Group Consortium, Renova Inc., and TNK-BP last year in New York state court, claiming it was wrongfully stripped of its controlling interest in the Russian oil company Yugraneft and was owed dividends.

Norex, which said it had a 60 percent stake in Yugraneft that was reduced to 20 percent by a Russian court, claimed damages of more than $1 billion. Yugraneft is a subsidiary of TNK-BP.

Norex Chairman Alex Rotzang said the company would appeal the decision.

“Norex believes there are strong grounds for an appeal,” he said in a statement.

Owen Pell, an attorney at White & Case who represented TNK- BP, said the company was pleased with the decision. Attorneys for BP, Access, Alfa Group and Renova didn’t immediately comment or couldn’t be reached for comment.

The case is Norex Petroleum Ltd. v. Blavatnik, 650591-2011, New York State Supreme Court, New York County (Manhattan).

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.


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