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Kazakhstan’s Energy Minister refutes sales of oil refinery by his son

26 january 2015, 14:56
Energy Minister Vladimir Shkolnik
Energy Minister Vladimir Shkolnik

Kazakhstan’s Energy Minister Vladimir Shkolnik has refuted media reports that his son Igor Shkolnik had reportedly sold his major stake in Orsk-based oil refinery to Russia’s RussNeft, Newskaz.ru reports.

Russia’s Kommersant Daily reported last week that RussNeft had bought back its stake it sold in 2011.

“My son hasn’t bought or sold anything. To my best knowledge, he hasn’t been buying or selling anything in the last three years”, the Minister told journalists on the sidelines of the sitting in the country’s Majilis (lower chamber).

The Orsk-based oil refinery is one of the oldest oil processing facilities in Russia, capable of handling 6.6 million tons of crude. It mostly produces gasoline of the 3rd grade and diesel fuel of the 4th and 5th grades.

When asked to comment on the purchase of a Russian oil refinery by his son back in mid October 2011, the then KazAtomProm Head Vladimir Shkolnik suggested journalists should address this question to the son, KazTag reported October 12, 2011.

“It has nothing to do with politics, everyone has the right to do business. If someone takes a loan and purchases an asset – it is his own choice. You can ask this question to my son”, Shkolnik said at the time.

Media reported at that time, citing Russia’s Vedomosti newspaper, that the new owner of Orsk-based oil refinery was Igor Shkolnik from Kazkahstan. He bought the asset for $280 million which he had obtained from Sberbank as a loan.

The oil refinery processed a total of 5 million tons of oil in 2010.

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