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SOCAR president: negotiations on acquisition of shares of Antipinsky Oil Refinery underway

30 May 2019 11:56 (UTC+04:00)
SOCAR president: negotiations on acquisition of shares of Antipinsky Oil Refinery underway

By Trend

Azerbaijan’s state-owned company SOCAR continues negotiations on the acquisition of shares of the Antipinsky Oil Refinery, SOCAR President Rovnag Abdullayev told reporters at the Caspian Oil and Gas conference in Baku, Trend reports.

According to him, SOCAR is currently negotiating with various companies, including the Antipinsky plant.

In April this year, Russia's Sberbank received 100 percent in Cyprus’ Vikay Industrial, which owns 80 percent of Antipinsky Oil Refinery, while the remaining 20 percent of the shares belong to various other legal entities and individuals. Three weeks later, the management of the company filed a lawsuit to declare Antipinsky Oil Refinery bankrupt. Its total debt to banks is estimated at $5 billion.

Earlier, CEO and chairman of the executive board of Sberbank Herman Gref stated that the bank is continuing negotiations with potential investors on the sale of the refinery.

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