MOSCOW, April 28 The hearing of a tax dispute
between Russia and U.S. oil and gas major ExxonMobil at
the Stockholm arbitration court has been delayed while the two
sides continue talks to try to reach a settlement, Russia's
finance ministry said on Friday.
The court had been due to hear the case, in which Exxon says
it overpaid profit taxes on the Sakhalin-1 oil and gas project
in Russia's far east, on April 24-28.
"The arbitration proceedings have been postponed for a few
months. The parties agreed to continue talks with the aim of
resolving outstanding issues before trial," the ministry said.
Exxon lodged its claim for $637 million in over-paid taxes
at the Stockholm court in 2015.
Russia reduced its profit tax in 2009 to 20 percent for
production-sharing agreements such as Exxon's Sakhalin-1, but
the U.S. energy giant continued to pay at an earlier level of 35
percent after the project broke even in 2008.
Russia said in late March it was willing to settle the
dispute in an out-of-court agreement under non-disclosed
(Reporting by Darya Korsunskaya; Writing by Jack Stubbs;
Editing by Mark Potter)