Sberbank exercises lender rights to 80% stake in Antipinsky Oil Refinery

Jun 05, 2019

5 June 2019, Moscow — Russia’s SOCAR ENERGORESURS LLC has purchased an 80% stake in Antipinsky Oil Refinery. Its participants are a group of investors and Sberbank.

The joint venture has received control over the plant, as well as oil fields in the Orenburg Region that are the core assets of Antipinsky Oil Refinery Group.

At the current stage, the key objectives of the new owners are to put the plant into operation and provide for its uninterrupted operation, deliver oil products to internal and export markets, and ensure that tax revenue is stably paid to the federal and regional budgets.

The project is supported by Azerbaijan’s oil company SOCAR, which is providing institutional expertise and operational management. SOCAR is considering joining the project as an investor after assets have been audited in accordance with the established corporate procedures and operations have been assessed.