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Gazprom seeks mediation of Moncrief’s $1.36 billion suit

September 09, 2014, 19:25 UTC+3
Moncrief’s claims are linked to its negotiations with Gazprom over a stake in a Russian oil field and are subject to an arbitration clause of the companies’ 1998 contract
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© EPA/FILIP SINGER

MOSCOW, September 09. /ITAR-TASS/. Russia’s gas giant Gazprom asked a US judge to force Moncrief Oil International Inc. to arbitrate the Texas-based firm’s US $1.36 billion trade-secrets lawsuit and dismiss the case, Bloomberg reported Tuesday.

Moncrief’s claims are linked to its negotiations with Gazprom over a stake in a Russian oil field and are subject to an arbitration clause of the companies’ 1998 contract, Gazprom said in a filing Monday in federal court in Fort Worth, Texas.

The Yuzhno-Russkoye field, located in the Yamalo-Nenets Autonomous District in the north of Russia, is one of the country’s largest gas fields with the reserves amounting to over 1 trillion cubic meters of gas and 5.7 million tonnes of oil. The license for the field is owned by Gazprom-controlled Severneftegazprom, while Germany’s Wintershall and E.ON each own 25% minus three shares in the field.

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