CHINESE OIL CORPORATION FILES LAWSUIT AGAINST YUKOS

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BEIJING, October 31 (RIA Novosti) - China National Petroleum Corp (CNPC) filled a lawsuit against Yukos, reported Beijing Jinyan Bao publication with reference to anonymous representative of the company.

The lawsuit contains the demands to indemnify the Chinese company for losses incurred as a result of temporary interruption of oil supply from Yukos.

On September 20, Yukos announced a temporary interruption of oil supply to the CNPC until the end of 2004. "This interruption is caused by the failure to continue pre-export financing of oil deliveries to the CNPC," the press release said at the time.

According to the CNPC representative, the filing of the lawsuit completely agrees with international contractual legislation.

"Our demands are totally just, because Yukos was the first to violate the contract," said the CNPC representative.

According to the contract between Yukos and CNPC, the Russian company had to supply the Chinese corporation with 3.86 million tons of oil in 2004. Yukos has delivered only 2.84 million tons so far.

Yukos representatives in China refused to comment on the news.

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