MOL JV settles out of court on more than RUB 6 billion

Budapest Business Journal

Thursday 7:56, August 27th, 2009

ZMB, a 50-50 joint venture by Hungarian oil and gas company MOL and Russian peer Russneft set up to operate the Zapadno-Malobalyk oil field in Siberia, has settled a dispute with Russneft over unpaid receivables worth more than RUB 6 billion out of court, Russian business daily Vedomosti reported on its website on Wednesday.

Russneft agreed to pay ZMB RUB 6.3 billion, including interest of RUB 200 million, over 18 months under the agreement, the paper said. ZMB had originally asked for RUB 6.6 billion.

MOL's communications director in Hungary Dóra Somlyai confirmed for MTI that the two companies had reached an agreement out of court. (MTI-ECONEWS)