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BP Suit Postponed

The Federal Arbitration Court in Tyumen on Monday postponed hearings on a suit brought against BP by minority shareholders who allege the British oil major cut TNK-BP out of a possible exploration deal with Rosneft.

The court scheduled a new hearing for July 26 after reopening a case that it threw out last year.

The amount of damages being sought by the minority shareholder group has been cut to $8.8 billion from $12.5 billion, a representative for BP said. The minorities had claimed that TNK-BP suffered financial losses when it was excluded last year from a proposed exploration alliance between BP and Rosneft.

(Reuters)

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