Thursday, 31 October 2019 12:27

SOCAR completes legal proceedings

State Oil Company of Azerbaijan (SOCAR) has completed legal proceedings and become a minor member of SOCAR Energoresurs group in Russia.
As Caspian Energy News reports with reference to Fins.az, SOCAR Energoresurs group unites Antipinsky Refinery and three oil fields with 45 million tons of proven oil reserves in Orenburg Oblast, Russia.
The news broke early in June 2019 that SOCAR and Sberbank created a joint venture (JV) to refine oil at Antipinsky Refinery which belongs to the bank.
As a result, SOCAR Energoresurs JV acquired an 80% stake of the refinery.
Antipinsky Refinery JSC is located in the industrial zone of Tumen city, in the south-east near Antipino settlement. A main share of Russian oil (64%) and natural gas (91%) reserves lie in Tumen oblast.

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