Sberbank is assigned to New Stream

The Group's lender strengthened control over the Antipinsky refinery.
As it became known to Kommersant, Sberbank became the owner of the "gold" or priority stock of the Antipinsky refinery, which is part of the New Stream group, Dmitry Mazurov, and the bank's top manager Aleksey Grenkov became co-director of the shareholder of the Cypriot factory Vikay Industrial. Prior to that, representatives of the second key shareholder New Stream - the ex-owner of Itera Igor Makarov - began to leave the New Stream structures, and their representatives were taken over by the bank's representatives. Sberbank acts as the main creditor of the group, which requires additional financing for the modernization of the refinery.

The co-director of the main shareholder of the Antipinsky refinery (the largest asset of the New Stream oil group) Vikay Industrial was the senior managing director, deputy director of the department of the largest clients of Sberbank Alexei Grenkov, it follows from the data of the Cyprus registry. Vikay owns 80% of the refinery. The bank acts as the largest lender of the refinery, the debts of the plant and New Stream are not disclosed.

In New Stream, Kommersant confirmed the appointment of Mr. Grenkov in Vikay, explaining that Sberbank now owns the "golden share" of the company. The group does not explain what rights it assigns to the bank. Another director of Vikay remains the founder of New Stream Dmitry Mazurov, who left the post of group president in August, giving way to Andrei Zokin, the former vice-president of Gazprombank. Then the managers of Sberbank already entered into the management bodies of New Stream structures instead of representatives of Arety Igor Makarov (one of the shareholders who, as already reported to Kommersant, decided to withdraw from these assets). In particular, Mr. Grenkov became a member of the board of directors of the Antipinsky refinery. Despite the arrival of bankers in the administration, New Stream stressed that Mr. Mazurov will not leave operational control. Another shareholder of Vikay is the Mine Project of classmate of President Vladimir Putin of the famous lawyer Nikolai Egorov.

Sberbank lends to a number of large independent refineries. In the summer, during the discussion of the completion of the tax maneuver, the head of the bank, German Gref, warned Deputy Prime Minister Dmitry Kozak (a letter from Kommersant) that if the independent refineries do not give a negative excise (refund of funds for certain types of oil products) factories to complete the modernization, we can expect a massive closure. Antipinsky, Afrik (New Stream), Orsk (Forteinvest Said Gutseriev), Khabarovsk (Neftgazholding Eduard Khudainatov) and other refineries Sberbank issued more than 455 billion rubles. loans, another 110 billion rubles. amounted to unselected credit lines, wrote Mr. Gref.

"Areti" Igor Makarov, in 2017 received 50% in the New Stream from Dmitry Mazurov, against the background of the conflict of shareholders comes out of New Stream. In particular, the partners differed in their views on the financing and future of the group's assets. Two interlocutors of Kommersant declare that Arety did not fulfill its obligations to finance the refinery. The interlocutors of "Kommersant" say that Mr. Makarov either left the New Stream or is in the process of getting out. In New Stream, this is not commented on, Areti representative was unavailable. Three sources of Kommersant do not exclude that Sberbank or its affiliated structures may become shareholders of New Stream structures. Now, New Stream needs additional funding to upgrade the three refineries (the group also runs the Mari plant) and debt servicing. In the Savings Bank refused to comment.

According to Irina Mostova, partner of NAFCO-Consultants, the speech in this case is not about a "golden share", but a priority action. She explains that, unlike the "golden" one, the priority share according to the general rule (for example, in the case of "Yandex") does not give the right to appoint a representative to the board of directors, although, like "gold", presumes a veto over individual decisions (as a rule, by changing the ownership structure). As a shareholder, the bank can seek to include its representative in the management bodies or elect him as the sole executive body, says Mrs. Mostovaya. But there is no general template and rules for dividing the rights and obligations of the holder of such a share, the lawyer specifies, they are regulated by the decision of the company.