Azerbaijan's SOCAR and Russia's Sberbank have established a joint venture to supply oil to the Antipinsky Oil Refinery, ONA reports citing Russian media.
The joint venture called SOCAR Enerqoresurs will supply oil for processing at the Antipinsky Oil Refinery.
SOCAR Russia Investments Ltd owns 60 % stocks of the joint venture and 40 % belongs to SBK Komplekt of Sberbank.
Farid Jafarov, the head of “SOCAR Rus” trading company has been appointed as the director general of the newly established venture.
In July of the current year, SOCAR plans to start processing at Antipinsky Oil Refinery. The joint venture will buy oil from large oil companies, in particular, Lukoil and Surgutneftegas. Besides that, the venture will also engage in the development of fields in the Orenburg region.
Note that, in April of the current year, Sberbank owned 80% stocks of the Antipinsky oil refinery. The Bank is currently negotiating with potential investors in order to sell the refinery including SOCAR.