Sberbank confirms ownership of 80% stake in Antipinsky refinery

MOSCOW, May 23 (PRIME) -- Russia’s biggest lender Sberbank confirms having received the ownership right to an 80% stake in the Antipinsky oil refinery and plans to approve a further strategy for the asset until the end of June, the bank said in a statement on Thursday.

“Sberbank Group, in accordance with the laws of Cyprus and its right to collateral – a 100% stake in the holding company Vikay Industrial Limited (owner of 80% of the stocks in Antipinsky Oil Refinery JSC) which was provided as collateral for the loan – has received ownership rights to Vikay’s stocks,” Sberbank said.

Earlier on Thursday, business daily Kommersant reported citing sources that Sberbank acquired an 80% stake in the plant and will later sell it. Azerbaijan’s SOCAR was named the main contender. SOCAR can soon establish a joint venture with Sberbank which will obtain a controlling stake in Antipinsky. The plant as a legal entity may go bankrupt still and start to work on a give-and-take basis.

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