13 Dec 2017 18:16

FAS clears Makarov's Areti to buy 50% of oil refiner New Stream Group

MOSCOW. Dec 13 (Interfax) - The Russian Federal Antimonopoly Service (FAS) has cleared Areti, an international group of companies that used to be known as Itera and is owned by Igor Makarov, to buy 50% of New Stream Group from the latter's owner, Dmitry Mazurov, the regulator said in a statement.

The FAS granted a request by Areti Gasenergy Limited to acquire the business rights over Russia-based JSC Novy Potok (New Stream) and JSC Antipinsky Oil Refinery as a result of buying 50% of Vikay Industrial Limited.

Reports have said Areti has begun to close the deal to buy 50% of New Stream from Mazurov.

The shareholders plan to run New Stream jointly, with Makarov chairing the board of directors of New Stream Group as well as parent company New Stream Holding, and dealing with strategy and identifying the key areas for the group's development plus development in the international markets.

Mazurov will combine the duties of president of New Stream Group and New Stream Holding, and will serve on the board of directors at New Stream Group, focusing on complex business projects and day-to-day management.

Representatives of both shareholders will serve on the governing bodies of New Stream Holding and New Stream Group.

It was reported that the deal would be finalized once all the necessary regulatory and corporate approvals have been received and certain other conditions fulfilled.

New Stream Group combines oil refining in the Tyumen region, oil fields in the Orenburg region, oil refining in Mari El and bitumen production in the Nizhny Novgorod region, transportation and sale of oil products in the external and domestic markets, and the engineering and turnkey construction of facilities.

Areti brings together several dozen subsidiaries and branches working in Russia, Switzerland, the CIS and Baltic States, United States, Canada, some West European countries and the Middle East.

Antipinsky Oil Refinery has throughput capacity of 9 million tonnes of oil. Dmitry Mazurov and Nikolai Yegorov own stakes of 80% and 20%, respectively. The Group also includes the Marii El Refinery, Kommandit Service in the Murmansk region and production licenses in the Orenburg region.