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OPEC Reduced Oil Production Ahead Of Deeper Cuts Decision

OPEC Reduced Oil Production Ahead Of Deeper Cuts Decision

OPEC’s crude oil production declined…

Is A New Price War Looming For OPEC?

Is A New Price War Looming For OPEC?

OPEC has long maintained a…

Largest Independent Russian Refinery Back In Action After Months Of Inactivity

Antipinsky

Russia’s biggest independent oil refinery, the Antipinsky Refinery, aims to double its production in August compared to July, when it resumed operations after a bankruptcy and restructuring took it offline in April.

The Antipinsky Refinery is on track to process up to 550,000 tons of crude oil this month, more than double compared to the 200,000 tons of crude it processed last month, the oil refinery’s general manager, Maxim Andriasov, told Reuters. 

The Antipinsky Refinery said on July 19 that after nearly three months of downtime, the oil refinery resumed operations.

“Facing a financial squeeze caused by inefficient solutions of the former management as well as by misguided actions of some off-takers (traders), in April the refinery has been put into recycle mode. Oil delivery to the refinery was suspended, production output discontinued,” a statement from the oil refinery read.

In May, the refinery—which is the only oil-processing plant in the Tyumen region and Ural Federal District and the largest independent refinery in Russia—filed for bankruptcy, after a court in London ordered in April the refinery’s assets frozen because it didn’t have the money to pay for the crude oil it was delivered.

Sberbank, the main creditor of the refinery, bought in June 80 percent in the Antipinsky Refinery. Sberbank is in the joint venture SOCAR Energoresurs together with Azeri energy firm SOCAR.

The Antipinsky Refinery, which has the capacity to process 181,000 bpd according to Reuters estimates, will process crude oil supplied by

SOCAR Energoresurs, it said last month, adding that “Such arrangements will keep the company running and maintaining its investment attractiveness.”

The general manager Andriasov told Reuters that Russian oil company Surgutneftegaz would be the primary crude supplier to the plant.

Last month, the former owner of the Antipinsky Refinery, Dmitry Mazurov, was arrested upon returning to Russia, Mazurov’s company said, adding only that he was a suspect in a criminal investigation and without giving further details.

PS: Our Oil & Gas Insider this week gives our readers a look 'behind-the-scenes'  at Russia's Antipinsky refinery

By Tsvetana Paraskova for Oilprice.com

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