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UPDATE 1-Russia's Sistema proposes out-of-court settlement in Rosneft dispute
June 22, 2017 / 5:06 PM / 6 months ago

UPDATE 1-Russia's Sistema proposes out-of-court settlement in Rosneft dispute

(Adds Rosneft comment, background)

MOSCOW, June 22 (Reuters) - Russian business conglomerate Sistema has proposed an out-of-court settlement with oil major Rosneft, a company spokesman said on Thursday.

Rosneft is suing Sistema for 170.6 billion roubles ($2.85 billion) in damages over the purchase of oil producer Bashneft .

“Sistema is proposing a mechanism to resolve the dispute, which will allow the results of the Bashneft reorganisation, and the financial consequences of this reorganisation for the oil company, to be evaluated out of court,” Sistema spokesman Sergei Kopytov said.

Rosneft’s lawsuit has spooked investors and rekindled fears from 2014, when the Russian government seized Sistema’s stake in Bashneft, saying Bashneft’s privatisation had been illegal.

Rosneft Chief Executive Igor Sechin has previously said an out-of-court settlement was possible but declined to comment when asked about the latest offer.

“We need to check that we are talking about legitimate proposals,” TASS news agency quoted him as saying.

$1 = 59.8000 roubles Reporting by Oksana Kobzeva; Writing by Jack Stubbs; Editing by Adrian Croft and Susan Thomas

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