PRESS: Gutseriyev buys controlling stake in Afipsky oil refinery

MOSCOW, Apr 29 (PRIME) -- Russian businessman Mikhail Gutseriyev has acquired a controlling stake in the Krasnodar Region-based Afipsky oil refinery from Deputy CEO of UralSib Bank Yevgeny Kogan, Kommersant business daily reported on Monday citing sources.

Kogan is a son of the bank’s core owner Vladimir Kogan, the former director of the Federal Agency for Construction and Housing and Utilities.

Oil Technologies owned by Cambelor Holdings Ltd., part of Gutseriyev’s financial group Safmar, bought the shareholding for U.S. $20 million although initially top bank Sberbank, the refinery’s major creditor, and Gutseriyev had discussed a purchase for $50 million, the sources said.

Gutseriyev may also acquire a stake in the refinery from large minority shareholder oil company New Stream Group, the sources also said.

Safmar will have to invest 100 billion rubles in the facility’s upgrade in the next few years in exchange for a state subsidy.

(64.7053 rubles – U.S. $1)

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