![]() New Stream is only the latest in a string of Russian energy company to have one or more of its key executives face trial since the start of 2019. The financial debacle prompted Russian prosecutors to prepare a $29 million fraud case against Mazurov. In the meantime, however, Sberbank claims New Stream still owes millions of dollars on its loans ( Vedomosti, June 5). Work resumed on July 20, under an operating partnership between New Stream’s main lender, Russia’s state-owned financial giant Sberbank, and SOCAR, Azerbaijan’s national oil and natural gas company. The ruling against New Stream prompted the company to file for bankruptcy protection in May. That month, a court in London granted a trading house’s request to seize New Stream assets in order to cover outstanding bills the company owed. New Stream suspended operations at its Antipinsk refinery, which processes nine million tons of oil a year, in April. ![]() At the same time, t he arrest of New Stream’s Dmitry Mazurov, on July 13, cast renewed spotlight on corruption and malfeasance in Russia’s energy sector that have led to charges against a number of other prominent industry executives this year ( RBK, July 15). But multi-million-dollar fraud charges against its former board chair underscore the problems in an industry reeling from decrepit facilities and a new, profit-gutting tax code. Russia’s largest independent oil refiner, New Stream, recently emerged from financial devastation to resume operations.
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