SOCAR becomes a minority stockholder of OOO SOCAR ENERGORESOURCE group in Russia
5 November 2019
SOCAR has completed all necessary procedures and become a minority stockholder of OOO SOCAR ENERGORESOURCE group in Russia.
SOCAR ENERGORESOURCE consolidates the assets of Antipinsky Refinery (refinery capacity of 7,5 MT per year) and 3 new oilfields in Orenburg region (with approved recoverable oil reserves of 45 MT).
The pivotal role of SOCAR in this project is to deliver an managerial and industrial expert evaluation of the assets of OOO SOCAR ENERGORESOURCE group. At that SOCAR does not plan to bring about an issue of replacing the managements of Antipinsky Refinery and the oilfields following the transaction completion.
Given a deal structure the participation of SOCAR in this project will not pose risks associated with a refinery’s prior indebtedness.
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