Yukos owner sues former subsidiary in London

LONDON - Group Menatep, the main owner of stricken Russian oil firm Yukos, said on Tuesday it had filed a suit with the London Court of Arbitration demanding some $650 ($902) million from a former Yukos subsidiary seized by the Kremlin.

Menatep wants to recoup the balance on a loan it gave to Yukos that was guaranteed by Yuganskneftegaz. Yugansk was Yukos's main oil producing until it was effectively renationalised in December to pay back-tax claims.

"We have filed in the London Court of Arbitration, claiming under the guarantee that Yugansk gave in respect to Yukos," Group Menatep Managing Director Tim Osborne told Reuters in a telephone interview.

Osborne said both parties had agreed to be subject to the court when the loan was arranged.

Russian state-owned Rosneft became the majority owner of Yugansk when it bought an unknown entity that had purchased the majority stake at an auction arranged by the Kremlin.

- REUTERS