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Russia sells Antipinsky oil refinery as part of bankruptcy proceedings

May 19/2021

MOSCOW (MRC) -- Russia's largest standalone oil processing plant, the Antipinsky oil refinery, was sold for almost 111 billion roubles (USD1.50 billion) as part of bankruptcy proceedings, an online sale platform showed, reported Reuters.

The online platform showed that a company called Rusinvest completed the purchase of the plant located in West Siberia. Most of Russia's oil refineries are controlled by big oil companies, such as Rosneft and Lukoil.

The refinery, which has a capacity of 7.5 million tons per year, filed for bankruptcy in 2019 after having halted operations on several occasions because of a lack of funds to pay for crude oil deliveries.

Russia's largest bank, Sberbank, had been the refinery's main creditor.

As MRC wrote before, in June 2019, SOCAR Energoresurs, a joint venture between Russias largest lender Sberbank and a group of investors, has acquired an 80% stake in Russias Antipinsky oil refinery.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.

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:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, LDPE, HDPE, ethylene, petrochemistry, Lukoyl, Rosneft, Russia.
Category:General News
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