Russian holding company Sistema has settled its lawsuit with oil giant Rosneft over regional producer Bashneft.
Sistema said all sides involved in the dispute had agreed to drop their claims after it agreed to pay Bashneft £1.28billion (100billion roubles) by March 2018.
The dispute started with the Russian government’s seizure of Sistema’s stake in Bashneft in 2014.
The Kremlin said the stake’s privatisation had been illegal.
Rosneft, which is 50% government owned and which later bought a controlling stake in Bashneft, filed a lawsuit, accusing Sistema of removing assets from the Bashkortostan company.
Sistema, which holds the assets of Russian businessman Vladimir Yevtushenkov, denies the allegations.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- OPINION: Collaboration is key, says BHGE after landing BP Tortue FEED work
- Opinion: When will decommissioning industry set record straight?
- Opinion: Prostate Cancer – The Big Taboo is an industry threat
- Opinion: Environmental focus about more than just compliance
- Opinion: Take time to understand the culture of your people