THE STIMUL-T OIL COMPANY IS GOING BANKRUPT

The business of Petroneft Resources (Ireland) and Oil India (India) in Siberia is steadily moving towards bankruptcy. The joint venture from Tomsk has declared its insolvency to the arbitration court (case no. A67-3837/2023). The lawsuit was filed on May 11, 2023 and has not yet been accepted by the court for consideration. The amount of the declared debt – 11 729 324 966,1 rubles.

A month ago, Rusbankrot already covered the situation related to the company's ruin after the company stopped selling oil, filling the Transneft system with it. The reason was the litigation that arose around the contract "Stimul-T" and the company "Nord Imperial".

The litigation related to the pumping of minerals along the section of the oil pipeline to the delivery and acceptance point "Zavyalovo", owned by the counterparty ("Nord Imperial"), turned out to be disastrous for the enterprise. As Interfax clarifies, the company owed the partner, considering the previously established tariffs for the transportation of hydrocarbons excessive.

The money was collected in rubles, but at the same time it was calculated in foreign currency, taking into account the quarterly increase in inflation. As a result, since March 2022, one organization has stopped paying, and the other has stopped providing services for the provision of a transport artery.

By the March decision, the arbitration court recovered about $3.8 million from Stimul-T as the amount of the principal debt. The firm is obliged to pay another $2.3 million to its counterparty as a penalty. The firm filed a complaint with the Court of appeal. The court is due to consider it on May 23, 2023.

 
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