TODAY.AZ / Business

SOCAR continues negotiations on acquisition of shares of Antipinsky Oil Refinery

29 May 2019 [14:33] - TODAY.AZ

By Trend

Azerbaijan’s state-owned company SOCAR continues negotiations on the acquisition of shares of the Antipinsky Oil Refinery, Vice President of SOCAR Elshad Nasirov told journalists, Trend reports.

According to Reuters, the head of Sberbank Herman Gref told earlier that over 80 percent of the plant’s shares were acquired by the bank and negotiations are underway with potential investors.

In April, 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. The total debt to banks is estimated at $5 billion.

Earlier, Herman Gref stated that Sberbank is continuing negotiations with potential investors on the sale of the refinery.


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