Ukhtaneft, LUKOIL subsidiary in Komi Republic, won a case in the Arbitration Court of the Zurich Chamber of Commerce under a claim of Arter Capital Ltd (British Virgin Islands) to recognize its right for an exclusive irrevocable option for 10% of the Ukhtaneft stake. The Court decided to dismiss completely all the claims of Arter Capital Ltd and obliged it to reimburse the expenses related to the case including those of Ukhtaneft for the lawyers.

Arter Capital Ltd had claimed to recognize its right for an exclusive irrevocable option for 10% of the Ukhtaneft stake. The firm had also claimed for $5,415,000 that allegedly was a difference between the price of the Ukhtaneft 10% stake in 2003 and that in 1998 having been the latter supposedly applicable for buying the stake by the firm. Apart from that, Arter Capital Ltd insisted to charge interest from the stated amount.

The Arbitration Court of the Zurich Chamber of Commerce totally dismissed the claims of Arter Capital Ltd. The decision was final.