Companies: SBE   

Moscow Refinery, where AIM-quoted Sibir Energy has a minority stake, has paid £34 million to the Russian taxman following a settlement in the Moscow Arbitration Court.

Sibir, which is locked in battle with oligarchic tycoon and Chelsea Football Club chairman Roman Abramovich over £1.6 billion of Russian oil assets, says, because of its indirect minority holding in the refinery via Moscow Oil and Gas, the arbitration ruling makes it liable only to around £6 million of the sum paid. Moreover, since the ruling relates to a period before Sibir became a participant, the company argues those which were involved at the time, notably Lukoil, should bear this part of the liability, anyway.

Last week, the High Court in London threw out a challenge to the handling by Sibir and its 43 per cent shareholder, Chalva Tchigirinsky, over its role in the row over the 890 million barrel Sibneft Yugra project in Siberia. Sibir alleges Abramovich, Sibneft's boss, deprived it of its 50 per cent holding in this project by illegitimate and underhand means.

Since we mentioned this on 25 August, Sibir shares have surged from 273p to 322p, 2p down on the day. For gamblers.

Sibir Energy	AIM	£397.2m	102.75p	-2.75p
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Other company articles:
AIM news			03/11/2008
AIM News			06/10/2008
Profits surge at Sibir			30/06/2008
Sibir targets Moscow motorists			05/10/2007
Betting on AIM’s £16bn first fifteen			15/05/2006