NEWSTREAM LLC FULL
NST regularly reported to Sberbank and/or its advisors its monthly sales volumes, furnished to Sberbank copies of sales contracts and financial statements, and gave Sberbank full oversight of and complete visibility into NST's sale proceeds remitted through NST's bank accounts at Sberbank. NST cooperated closely with Sberbank at all times, and Sberbank has always been informed of NST’s commercial activities and transactions. It has been reported that Sberbank or its representatives, among other things, have publicly cast doubt on whether the prices at which the products manufactured by the Refinery were sold to NST were market prices. In this respect, NST wishes to refute certain erroneous statements made in the press, which are allegedly attributed to the Refinery’s former financing partner Sberbank of Russia OJSC (Sberbank). NST likewise denies that the pricing of the Refinery’s products, as alleged by certain media outlets, was below market. New Stream Trading AG (NST), a Swiss company engaged in refined products marketing activities since 2009, wishes to state for the record that it denies any allegations of wrongdoing suggested in recent press coverage regarding its past transactions with the Antipinsky Refinery. NST will be making no further comment at the present time.
NST is represented by the London office of Quinn Emanuel Urquhart & Sullivan. It is committed to pursuing its claims until it achieves justice and adequate compensation through an orderly and impartial arbitral process. NST has always operated in accordance with applicable laws and regulations. NST is obligated to vindicate its rights and restore its reputation and relationships in the energy trading community, including its valued offtaker clients, who have also been harmed due to the acts and omissions of ANPZ and Sberbank giving rise to NST’s claims. NST regrets this turn of events, especially since it previously collaborated closely with ANPZ, one of Russia’s largest and most modern refineries, in promoting and selling ANPZ’s products outside Russia. NST commenced formal legal proceedings given the considerable damage caused to NST by the respondent parties’ actions, including among other things ANPZ’s default on product deliveries despite having received very substantial prepayments for products, and Sberbank’s conduct as main lender to the refinery, much of which is publicly known. NST’s claim is estimated at several hundreds of millions of dollars.
On 10 September 2019, New Stream Trading AG (NST) filed a request for arbitration against the Antipinsky Oil Refinery (ANPZ) as well as Sberbank of Russia, Sberbank (Switzerland) and related parties at the LCIA in London. New Stream Trading files for arbitration against ANPZ, Sberbank and related parties