Russian oil major Rosneft filed a $1.4 billion lawsuit on Monday claiming "unfair profits" between July 10, 2015 and May 31, 2018 in the Sakhalin-1 energy project against the project's other participating companies.
According to documentation of the arbitration court in the Sakhalin region in Russia’s east, Rosneft filed the lawsuit against the five companies in the project's consortium; Exxon Neftegas, Sahalinmorneftegas-Shelf, RN-Astra, Sakhalin Oil and Gas Development, and India's ONGC Videsh.
According to an Exxon Neftegas statement, all necessary steps would be taken to protect the rights of the consortium as they refute the claims made. The Sakhalin-1 Project is a consortium for production of oil and gas on Russia's Sakhalin Island, which operates three fields, Chayvo, Odoptu and Arkutun-Dagi in the Okhotsk Sea.
Rosneft has a 20 percent share in the Sakhalin-1 project - one of Russia's largest offshore energy projects, while Exxon Neftegas has a 30 percent share, Sakhalin Oil and Gas Development also holds a 30 percent interest and and ONGC Videsh's share is 20 percent. Exxon Neftegas is also the operator of the project.
(Anadolu Agency)
