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SOCAR to provide managerial expertise to Antipinsky Refinery

DOWNSTREAM PROJECT MANAGEMENT

SOCAR to provide managerial expertise to Antipinsky Refinery

State Oil Company of Azerbaijan (SOCAR) completed necessary procedures and became a minority shareholder of the SOCAR Energoresurs Group in Russia - as reported on the company website.

SOCAR Energoresurs Group unites Antipinsky Refinery and three oil fields with 45 million tons of proven oil reserves in Orenburg Oblast, Russia.

SOCAR’s main role in this project is to provide managerial expertise to Antipinsky Refinery. Given the structure of the agreement, SOCAR’s participation in the Antipinsky Refinery does not create risks for SOCAR related to the refinery’s previous debts.

Antipinsky Refinery has an annual production capacity of 7.5 million tons. It produces diesel, vacuum gasoil, naphtha, gasoline (A80 and A92), coke, technical sulfur, process oil, and liquefied gas.

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