SOCAR eyes possible participation in Antipinsky Oil Refinery project after audit

The State Oil Company of Azerbaijan (SOCAR) is considering joining the Antipinsky Oil Refinery project on the investor side after conducting an audit of assets within the established corporate procedures and evaluating the operating activities, Report reports.

According to the press service of Sberbank, SOСAR ENERGORESURS acquired 80% of the shares in the Antipinsky Oil Refinery. A group of investors and PJSC Sberbank are its shareholders.

Thus, the joint venture gained control over the refinery, as well as the fields in the Orenburg region, constituting the assets of the Antipinsky Oil Refinery Group.

The key tasks of the new owners at this stage are launching the plant and ensuring its uninterrupted operation, supplying petroleum products to the domestic market and exporting them, and maintaining stable tax revenues to the federal and regional budgets.

The project is supported by the Azerbaijani oil company SOCAR, which provides institutional expertise and operational management. SOCAR is viewing possible participation in the project on the side of investors after conducting an audit of assets within established corporate procedures and evaluating operating activities.

Antipinsky Oil Refinery is a Russian private oil refinery located in the Tyumen Region. In 2016, according to the Forbes rating, the company ranked 43rd in terms of revenue among the 200 largest private companies in Russia.

According to the plant's website, the refining capacity exceeds 9 million tons of oil per year, the quality of the produced diesel fuel conforms to the Euro-5 standard. In 2016, after the commissioning of the installation of deep processing of fuel oil, the depth of processing reached 98%.