Korean co-owner withdraws from Primorye LPG transshipment terminal project
VLADIVOSTOK. June 30 (Interfax) - Hyundai Chemical Co. Ltd. withdrew as a co-owner of Vostok LPG, an LPG export terminal project in the Perevoznaya Bay area in Primorsky Territory, amid litigation on the exclusion of South Korean co-owners from the project.
According to the Unified State Register of Legal Entities, after Hyundai Chemical Co. Ltd. left, its 4.75% stake came under the control of Vostok LPG management. The remaining co-owners kept their shares: 41.25% of the charter capital belongs to Salaudy Amerkhanov and 41.25% to Ruslan Galinsky. The rest belongs to South Korean companies E1 Corp. (8%) and HL Holdings Corp. (4.75%).
Meanwhile, on August 31, the Primorsky Territory Arbitration Court scheduled the consideration of the application of the Asia-Pacific Engineering Corporation PromGrazhdanProekt LLC to declare Vostok LPG bankrupt. The claims come to 21.6 million rubles.
Earlier it was reported that Amerkhanov was trying to exclude the Korean investors from the project using the court. In his opinion, they are in violation their obligations as they do not participate in the founders' meetings , and do not sign the minutes of working meetings, etc. However, the court rejected this application.
Moreover, the indifference of the foreign co-owners does not allow for a deal with Gazprombank , which intends to participate in the project "as a potential partner and is interested in financing all the company's costs for the project in an amount of up to 20 billion rubles," court materials show.
Vostok LPG, a resident of the Free Port of Vladivostok, planned to invest 4.5 billion rubles in the construction of a marine terminal and infrastructure for the supply of LPG. It was assumed that the company would put the terminal into operation at the end of 2018, after which the deadlines were postponed several times. The design capacity of the terminal is 1 million tonnes per year with the possibility of doubling it.
Based on the materials of the Primorsky Territory Arbitration Court, it was reported in early June that the company was building a terminal. Vostok LPG received a construction permit in September 2021, but no information about it was received until early June. The company also did not announce the start of work.
Interfax was promised a status report from Vostok LPG later in the day on Friday.