On April 30, the High Court of London decided to freeze the assets of the Antipinsky Oil Refinery (part of Dmitry Mazurov’s “New Stream” group) in the amount of EUR 225 million under the claim of VTB Commodities Trading (VTB subsidiary), Reuters reported, citing a document. This also follows from the decision of the Arbitration Court of the Murmansk Region, where the structure of VTB later appealed in order to enforce the decision of a British court in Russia.
The London court ordered the freezing of property, assets of the Antipinsky Oil Refinery, oil products or oil reserves on board the Polar Rock tanker owned by Novy Stream, in storage facilities in the port of Murmansk, in railway tanks on the way to this port, as well as on the territory of the plant itself.
A London court also froze funds in two bank accounts with Sberbank, the document says.
Until the end of the hearing, the respondent - Antipinsky Oil Refinery should not sell vacuum gasoil to other companies without the consent of VTB Commodities Trading. The hearing is scheduled for May 15.
At the same time, VTB’s trading subsidiary asks the Russian court to take preliminary provisional measures - seize the oil products of the Antipinsky refinery in the amount of 197 million euros. This is the debt of the plant, taking into account the interest to the structure of VTB, which arose for non-delivery of already prepaid goods, the plaintiff indicates. VTB Commodities Trading emphasizes that oil products are currently on board or are being delivered aboard the Polar Rock tanker, but fears that they may later be sold to third parties. On May 6, the Arbitration Court of the Murmansk Region refused to satisfy the requirements of the trader, he has a month to appeal.
Antipinsky Oil Refinery in the Tyumen Region is the largest Russian independent oil refinery. Its capacity is up to 9 million tons of oil per year, the refining depth is about 98%. Last year, the refinery began to experience financial difficulties, because of the large debt it sometimes did not have enough money to buy oil.
“Unfortunately, a number of traders, without explaining the reasons, stopped financing the supply of petroleum products and started unfriendly actions towards the plant, some traders are taking actions to arrest the goods,” says a person close to one of the parties to the conflict. “This led to the actual stopping of the plant’s operations.”
This year, the plant received claims for the recovery of debts amounting to more than 1 billion rubles, stated in the decision of the Arbitration Court of the Murmansk region. "The lenders have an understanding that the plant will be bankrupt," - said the source, close to one of the creditors of the company.
In late April, the refinery announced its intention to go to court with a statement of recognition of itself bankrupt. On May 8, the lenders - the structure of Sberbank LLC SBK and the Moscow Credit Bank (ICB) - informed that they would also file for bankruptcy of the plant.
“Sberbank is extremely concerned about the current situation and is interested in maintaining the plant and its staff,” said a bank spokesman. “In the current situation, Sberbank, like other creditors, has to use the tools provided by law to protect its rights.”
The representative of the "New Stream" declined to comment. Appeal to the arbitration court ICB explains the protection of their interests as a creditor. Nevertheless, the bank intends to consider the possibility of preserving the plant, said the representative of the ICD. His colleague from VTB on May 12 did not respond to requests from Vedomosti.
“The probability of a bankruptcy of the plant is high,” says Rustam Kurmaev, managing partner of the law firm Rustam Kurmaev and Partners. During the bankruptcy proceedings, an enterprise may be put up for auction. But other scenarios are also possible - financial recovery or the conclusion of a settlement agreement with creditors. “The decision on the fate of the plant will be taken by its largest creditors,” concludes Kurmaev.