TURKISH GEMONT BEGAN TO GO BANKRUPT

On August 14, Nizhnekamskneftekhim (PJSC) filed a claim for insolvency of the Turkish company Gemont with the Tatarstan arbitration Court (case no. A65-23218/2023). The foreign engineering organization owed the plaintiff $2.97 million under the loan agreement. The verdict of the court on the acceptance of the application for consideration has not yet been accepted.

A month earlier, PJSC had already informed about its intention to initiate the bankruptcy of a foreign company. According to Kommersant, the Turkish company could not repay the money issued as a loan at 15% per year (172 million). The funds were sent to issue salaries to employees of the "daughter" of Gemont in Russia.

In April 2023, Rusbankrot reported its bankruptcy. A construction company from Nizhnekamsk, which built oil refineries in Tatarstan, was transferred to bankruptcy proceedings. The firm initiated its own bankruptcy back in July 2022, pointing to existing liabilities of 18.6 billion.

Nizhnekamskneftekhim is one of its largest creditors. Back in December 2022, the firm demanded payment of $3.7 million, including the amount of the principal debt, interest on the loan ($272.3 thousand) and payment of a penalty ($487.9 thousand). In the spring of 2023, the claim was satisfied in the Arbitration Court of Tatarstan. The court also ordered the firm to pay a penalty of 0.1% for each day of delay ($3.05 million).

The construction of the ethylene plant, started by Gemont in February 2020 by order of Nizhnekamsneftekhim, is now entrusted to Russian organizations. The construction customer terminated the contract in 2022. It is assumed that the construction of the EP-600 installation will be completed only by the middle of next year.