The Swiss New Stream Trading on September 10 filed a case with the London International Arbitration Tribunal against the Antipinsky Oil Refinery, Sberbank and related parties, the company said. She estimates the damage at "several hundred million dollars."
New Stream Trading explains that it began the trial, as it was significantly damaged by the actions of the defendants, including “failure by the Antipinsky plant to fulfill obligations for the supply of products, despite receiving substantial prepayments, and the actions of Sberbank as the main creditor of the refinery.”
New Stream Trading is represented by London-based law firm Quinn Emanuel Urquhart & Sullivan. Her representative confirmed this and declined to comment further. The representative of Sberbank only noted that the bank did not receive any claims from New Stream Trading. New Stream Trading failed to get comments.
New Stream Trading is actually owned by Dmitry Mazurov, although nominally owned by his sister Ksenia, Kommersant reported.
Mazurov is the former principal owner of the Antipinsky Oil Refinery. The plant was built in 2006. Subsequently, its capacity was increased. Now it is able to process 7.5 million tons of oil per year. For the construction of the company, Mazurov's company “New Stream” actively attracted loans. Last year, the loss of the refinery reached 35.7 billion rubles, and the debt burden exceeded 20 EBITDA. The total debt of the plant reaches $ 5 billion, of which $ 3 billion falls to Sberbank, sources said Vedomosti, close to the lenders. Last year, money was not enough to buy oil - it was necessary to service loans. The plant had to be stopped. Then Sberbank helped - he allocated in 2018 about 10 billion rubles. to replenish working capital. In April 2019, problems started again, and in May the plant was stopped. Once again, it was launched only in July. In April, control over the plant passed to Sberbank.
Criminal proceedings were instituted against Mazurov on charges of fraud and embezzlement. He is under arrest in a pre-trial detention center.
New Stream Tranding, a member of the New Stream group, was created to trade products at the Antipinsky Oil Refinery. In total, the plant owed traders about 13 billion rubles, RBC reported with reference to the bankruptcy statement of the plant. Most of the contracts under which the Antipinsky Oil Refinery did not supply oil products to traders were concluded this year after the plant came under the control of Sberbank. In particular, there is a debt to the “daughter” of the French Total - TOTSA, BB Energy, AustroFin and Petroforce. The largest debt is 3 billion rubles. - before Socar Trading S.A., the "daughter" of the Azerbaijani state-owned company Socar. Another plant trader - VTB Commodities Trading (VTB's subsidiary) - through the High Court of London, managed to freeze assets of Antipinsky Oil Refinery in the amount of 225 million euros. This is the debt of the plant, taking into account interest to the VTB structure, which arose due to non-delivery of already prepaid goods. But the arbitration court of the Murmansk region refused to execute the decision of the British court.
“If New Stream Trading can prove that the arbitration tribunal has competence in relation to the dispute, then the defendants will face a complex process. The Tribunal has a wide arsenal of means of seeking evidence and interim measures. And the decisions of the arbitration are enforced in many countries of the world, ”says Anton Babenko, partner and executive director of Padva & Epstein Law Bureau.
“This is absolutely normal practice: when you are bitten, you try to find a reason to bite in response,” says Denis Frolov, partner at BMS Law Firm. Big companies often use this practice, Frolov notes: “If the parties have mutual complaints, then the chance to agree on a compromise that suits both parties is higher.”
New Stream Trading explains that it began the trial, as it was significantly damaged by the actions of the defendants, including “failure by the Antipinsky plant to fulfill obligations for the supply of products, despite receiving substantial prepayments, and the actions of Sberbank as the main creditor of the refinery.”
New Stream Trading is represented by London-based law firm Quinn Emanuel Urquhart & Sullivan. Her representative confirmed this and declined to comment further. The representative of Sberbank only noted that the bank did not receive any claims from New Stream Trading. New Stream Trading failed to get comments.
New Stream Trading is actually owned by Dmitry Mazurov, although nominally owned by his sister Ksenia, Kommersant reported.
Mazurov is the former principal owner of the Antipinsky Oil Refinery. The plant was built in 2006. Subsequently, its capacity was increased. Now it is able to process 7.5 million tons of oil per year. For the construction of the company, Mazurov's company “New Stream” actively attracted loans. Last year, the loss of the refinery reached 35.7 billion rubles, and the debt burden exceeded 20 EBITDA. The total debt of the plant reaches $ 5 billion, of which $ 3 billion falls to Sberbank, sources said Vedomosti, close to the lenders. Last year, money was not enough to buy oil - it was necessary to service loans. The plant had to be stopped. Then Sberbank helped - he allocated in 2018 about 10 billion rubles. to replenish working capital. In April 2019, problems started again, and in May the plant was stopped. Once again, it was launched only in July. In April, control over the plant passed to Sberbank.
Criminal proceedings were instituted against Mazurov on charges of fraud and embezzlement. He is under arrest in a pre-trial detention center.
New Stream Tranding, a member of the New Stream group, was created to trade products at the Antipinsky Oil Refinery. In total, the plant owed traders about 13 billion rubles, RBC reported with reference to the bankruptcy statement of the plant. Most of the contracts under which the Antipinsky Oil Refinery did not supply oil products to traders were concluded this year after the plant came under the control of Sberbank. In particular, there is a debt to the “daughter” of the French Total - TOTSA, BB Energy, AustroFin and Petroforce. The largest debt is 3 billion rubles. - before Socar Trading S.A., the "daughter" of the Azerbaijani state-owned company Socar. Another plant trader - VTB Commodities Trading (VTB's subsidiary) - through the High Court of London, managed to freeze assets of Antipinsky Oil Refinery in the amount of 225 million euros. This is the debt of the plant, taking into account interest to the VTB structure, which arose due to non-delivery of already prepaid goods. But the arbitration court of the Murmansk region refused to execute the decision of the British court.
“If New Stream Trading can prove that the arbitration tribunal has competence in relation to the dispute, then the defendants will face a complex process. The Tribunal has a wide arsenal of means of seeking evidence and interim measures. And the decisions of the arbitration are enforced in many countries of the world, ”says Anton Babenko, partner and executive director of Padva & Epstein Law Bureau.
“This is absolutely normal practice: when you are bitten, you try to find a reason to bite in response,” says Denis Frolov, partner at BMS Law Firm. Big companies often use this practice, Frolov notes: “If the parties have mutual complaints, then the chance to agree on a compromise that suits both parties is higher.”
Business
- Mazurov Dmitry
- Mazurova Ksenia
- Sberbank of the Russian Federation
- New Stream
- Antipinsky Oil Refinery
- London International Arbitration Court
- Quinn Emanuel Urquhart & Sullivan
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