Gunvor decides against oil products deal

Oil trader Gunvor has decided against signing a contract for oil products bought through tenders from Russia’s troubled Antipinsky refinery, three trading sources told Reuters.

SOCAR Energoresource, a joint venture between Russian lender Sberbank 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 sold 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.

Gunvor did not immediately reply to a Reuters request for a 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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