Egorov Puginsky Afanasiev & Partners defends Total in multibillion-dollar dispute

Egorov Puginsky Afanasiev & Partners’ Litigation Practice team defended Total in a multibillion-dollar precedent dispute with the Volgograd and Saratov regions’ administrations (Russia), considered by ad hoc arbitrators in accordance with the UNCITRAL Arbitration Rules.

In 1992, the French company Elf Neftegaz (which parent, Elf Aquitaine, later became part of TOTAL) and Russian company AOZT Interneft entered into a co-operation agreement regarding prospective exploration and development of hydrocarbon fields in the Volgograd and Saratov Regions (Russia).

in 2009 the Volgograd and Saratov regions’ administrations and OOO Interneft initiated arbitration proceedings against Total, seeking reimbursement of lost profits evaluated at $22bn caused by failure to perform the co-operation Agreement.