Russian oil major Lukoil and diamond giant De Beers have settled their 15-year-long dispute over the Verkhotinskaya diamond field.
Located northwest of the Russian city of Arkhangelsk, the Verkhotinskaya diamond field has been the subject of a row between the companies since 1993. Lukoil says the deal surrounds the acquisition of ADC’s (Archangel Diamond Corporation) stake in the Arkhangelsk Geological Extraction Enterprise, in which Lukoil holds 100% of the shares. The stake acquired by ADC, which is owned by De Beers, will not exceed 49.9%, with the remainder staying in the hands of Lukoil. Finalisation of the transfer depends on approval from Russia's Federal Anti-Monopoly Service and other preliminary conditions.