August 8, 2019 / 2:42 PM / 3 months ago

Gunvor, SOCAR Energoresource fail to strike deal for Antipinsky refinery products - sources

MOSCOW/LONDON (Reuters) - Oil trader Gunvor has decided against signing a contract for oil products it had won the right to export in a tender from Russia’s troubled Antipinsky refinery, three trading sources told Reuters on Thursday.

SOCAR Energoresource, a joint venture between Russian lender Sberbank (SBER.MM) and a group of investors, holds an 80% stake in the refinery, which has debt exceeding $5 billion and has filed for bankruptcy.

Last week, SOCAR Energoresource awarded up to 150,000 tonnes of ultra-low sulphur diesel originating from the Antipinsky refinery and loading via the Baltic port of Primorsk over August-September to Gunvor, through tenders, and up to 30,000 tonnes of gasoline AI-80 for delivery in August via the Baltic Sea port of Ust-Luga.

Three trading sources familiar with the tenders said that Gunvor has refused to sign a firm deal since then, as SOCAR Energoresource and Gunvor failed to agree on the terms of the contracts.

Cargoes refused by Gunvor will be reallocated to other tender participants.

A Gunvor spokesman declined to comment.

A SOCAR Energoresource spokesman declined to comment, Antipinsky refinery did not immediately reply to a Reuters request for a comment.

Reported by Natalia Chumakova; Additional reporting by Julia Payne in London; Editing by David Goodman and Alexandra Hudson

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