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Antipinsky refinery files for bankruptcy

May 21/2019

MOSCOW (MRC) -- Russia’s Antipinsky oil refinery said it had filed for bankruptcy, weeks after a London court ordered its assets be frozen in response to a lawsuit from a trading house, said Hydracarbonprocessing.

The refinery, which has a capacity of 9 million tonnes per year, had halted operations on several occasions in recent months because of a lack of funds to pay for crude oil deliveries, according to industry sources.

Last month, a London court issued a worldwide order to freeze 225 million euros (USD251 million) in assets belonging to the refinery in response to a lawsuit by Russia’s VTB Commodities Trading.

The court order applied to the refinery’s equipment and property in Russia’s Siberian region of Tyumen, as well as petroleum products stored there and at one of its tankers in the northern port of Murmansk, among other assets.

The order also forbade the refinery from selling vacuum gas oil (VGO) to other companies without the consent of VTB Commodities Trading.

Court data on Monday showed there were 346.5 billion roubles (USD5.37 billion) of claims against the refinery.

The refinery, which last month announced plans to file for bankruptcy, alleged its insolvency was in part tied to the fact that some traders had stopped making advance payments for oil products.

“Unfortunately, in 2019 a string of traders, including VTB Commodities Trading, in violation of agreements that had been previously reached, stopped providing advances for the purchase of petroleum products,” the refinery said in a statement.

“This led to a decrease in the volume of purchased oil and to the plant stopping its processing on April 26.”

As MRC informed earlier, Russia’s Antipinsky oil refinery does not plan to receive oil this month and has removed itself from the delivery schedule. A London court has issued a worldwide order to freeze 225 million euros (USD252 million) in assets belonging to the oil refinery, owned by New Stream Group.

JSC Antipinsky Refinery was founded in July 2004 on the territory of one of the major oil and gas producing constituents of the Russian Federation - Tyumen Region, where most of Russian oil (64%) and natural gas (91%) reserves are concentrated.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Antipinsky oil refinery.
Category:General News
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