Odesa oil refinery could pledge its movable property and mortgage immovable property to OAO VTB Bank (the Russian Federation) to secure loans, issued by the financial institution to Swisspro Capital Ltd. and affiliated persons.
The shareholders of the plant approved such actions at a meeting on December 23, 2013, the protocol of which has been posted on the Web site of Odesa oil refinery.
In addition, the company could act as a guarantor on the loan. The principal amount of the loan agreement, signed on July 28, 2013 between VTB, Swisspro Capital and related entities, is $370 million.
The protocol among entities affiliated with Swisspro Capital Ltd. indicates Prosperity Development S.A., Soprema Trading Ltd. and Empson Ltd.
The agenda of the shareholders’ meeting scheduled for December 23 also included the issue of approving contracts for the purchase of investment certificates of Fanvarezcity LLC for UAH 300 million, however the plant owners did not vote for it.
As reported, Odesa oil refinery resumed processing of raw materials in September 2013. Prior to that, it had been idle since October 2010.
VETEK group of companies, owned by Serhiy Kurchenko, and OAO LUKOIL (Russia) on July 5, 2013 closed a deal on the sale and purchase of PJSC Odesa oil refinery.
The designed capacity for the refinery is 2.8 million tonnes per year.
