In October 2014 Credit Suisse will have to undergo a lawsuit at the High London Court with the demand of $7 million for the sale of right of one of the biggest offshore oil and gas projects in Azerbaijan on the basis of application of the sides for press.
Reuters reported that Georgian businessman Zaur Leshkasheli, the current chairman of London Group Mayfair Energy, has filed a suit against Swiss bank for violation of agreement and negligence after the bank sold a share owned by one of its companies in Kurovdag project in 2008.
Leshkasheli claims that the Credit Suisse did not properly consider applications from the potential buyers, including Tata Petrodyne and Petrovietnam Corp. supported by Indian billionaire Lashkmi Mital, and sold the field at the price below its market value.
The trial will begin on October 13, 2004 and is expected to last 28 days.
Credit Suisse refused to provide any comments.
* According to Turan, Zaur Leshkasheli established Caspian Energy Group company in Baku in 1997. It has created a joint venture Shirvan Oil jointly with SOCAR to develop Kurovdag bloc (Northern Kurovdag, Central Kurovdag and Southern Kurovdag fields). On November 5, 2004 the production sharing agreement (PSA) was concluded. On April 30, 2005 the contract was ratified by the Azerbaijani parliament. The sides had equal shares in the contract – 50:50. In 2008 the project operator changed and Global Energy offshore company registered on the Virginian Islands became the operator. It owns 80% share in the project. Global Energy company is said to be connected with Russian businessman Mikhail Guzeriyev.
Kurovdag field was discovered in 1955 in the Kura hollow and is the biggest onshore field in Azerbaijan. Development of the field started in 1956 and at present it covers 13 productive horizons on the depth between 600 and 3500 meters. During the entire period of production 38 million tons of oil was extracted here, of which 1.6 million fell to Shirvan Oil JV. Maximum oil production on Kurovdag field was registered in 1996 at 40,000 barrels a day and since 1977 production kept declining to 3,000 barrels of oil a day.—0—
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