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 ExxonMobil lodges a claim to Russia for $500 million with the Stockholm arbitration

суд arbitration court

U.S. oil and gas major ExxonMobil is going to lodge a claim to Russia for $500 million to the Stockholm arbitration court this week.

The Russian Kommersant daily writes, Censor.NET reports citing Ukrinform.

"The lawsuit will be filed this week. The parties will not be able to agree most likely," one of the newspaper's interlocutors said.

According to the outlet, ExxonMobil believes its Exxon Neftegas Limited had overpaid approximately $500 million profit taxes on its Sakhalin-1 oil and gas project. Russia reduced the profit tax in 2009 to 20 percent, but ExxonMobil continued to pay at the earlier level of 35 percent after the project broke even in 2008.

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As the Bloomberg agency reported last week, ExxonMobil, the operator of the Sakhalin-1 project (ExxonMobil owns 30%, the Japanese Sodeco - 30%, Rosneft - 20% as well as the Indian ONGC), may file a lawsuit in the Russian Federation Arbitration Court this week demanding the return of overpaid taxes.

The American company, which exited from the joint Arctic projects due to sanctions and lost part of the profits due to oil prices slump, decided to seek a refund this year. In turn, Moscow does not intend to return the money. ExxonMobil's plan to sue Russia became known March 18. However, the exact amount of the claim was not named then.

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