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Russia sells largest independent oil refinery in bankruptcy case

MOSCOW, May 18 (Reuters) - Russia’s largest standalone oil processing plant, the Antipinsky oil refinery, was sold on Tuesday for almost 111 billion roubles ($1.50 billion) as part of bankruptcy proceedings, an online sale platform showed.

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 tonnes 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.

Sberbank’s Chief Executive Officer, German Gref, speaking at a briefing, welcomed the sale, saying it will not impact the bank’s balance sheet.

$1 = 73.7637 roubles Reporting by Natalia Chumakova and Tatiana Voronova; writing by Vladimir Soldatkin. Editing by Jane Merriman

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