Tatneft wants "full damages" compensation over Ukrtatnafta from Ukraine, Interfax-Ukraine reports

Russian oil company Tatneft said it will seek compensation over “full damages” for what it has described as the seizure of its property in Ukrtatnafta, one of the largest refiners in Ukraine and operator of the Kremenchuk biggest refining plant in the country as well as of a fuel station chain, because a recent award of by an international court is not enough, Interfax-Ukraine reported in late December.

“We are not happy with this sum and today we worked out a strategy for how we will work on the compensation of full damages for Tatneft,” Nail Maganov, CEO of Tatneft, said in a news conference December 29, according to the news agency, in reference to the court decision last year to award only US$112 million in damages.

Ukrtatnafta has in the past separately said it agreed to pay the compensation and interest as decided by an international court which was in charge of the case following the decision by Tatneft in May 2008 to take the case of the seizure of its assets in Ukrtatnafta to international arbitration, Interfax-Ukraine reported at the end of December.

The website of Tatneft also reported on the December 29 press conference but did not have information about those comments.

Maganov also confirmed comments also separately provided hours earlier by Ria Novosti in which he was quoted as saying that if there is a good selling opportunity the company could consider the sale of its Tatneft filling stations in Ukraine, which he assured have seen growing sales.

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