SOCAR buys 80% of shares of Russia's Antipinsky Oil Refinery

2019-06-05 09:43:45

(MENAFN- Trend News Agency) Baku, Azerbaijan, June 5

By Leman Zeynalova – Trend:

Russia's Socar Energoresurs LLC has acquired 80 percent of shares of Russia's Antipinsky Oil Refinery,Trendreports June 5 with reference to PJSC Sberbank.

The participants of Socar Energoresurs LLC are a group of investors and PJSC Sberbank.

Thus, the joint venture took control over the refinery, as well as the fields in Russia's Orenburg region, which form the assets of the Antipinsky Oil Refinery Group.

The key tasks of the new owners at this stage are to launch the refinery and ensure its uninterrupted operation, supply oil products to the domestic market and export them, as well as maintain stable tax revenues to the federal and regional budgets.

The project is supported by Azerbaijan's state oil company SOCAR, which provides institutional examination and operational management.

SOCAR is considering joining the project on the side of investors after conducting an audit of assets within established corporate procedures and evaluating operating activities.

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