Linde Plants Transferred to Kuybyshevazot
Part of the assets of the international group Linde was transferred to PJSC "Kuybyshevazot" upon collection of debt for a contract to build a gas processing complex in Ust-Luga.
Consensus
- Part of Linde's Russian industrial gas assets were transferred to Kuybyshevazot.
- The transfer occurred as a result of a court-ordered seizure due to unpaid contract obligations.
- The contract was for the construction of a gas processing complex in Ust-Luga.
- Linde halted work in 2022 citing EU sanctions.
- The arbitration court in St. Petersburg ruled that Linde's compliance with EU sanctions was unlawful.
- The court ordered Linde to pay 114 billion rubles in debt.
- The ownership of Prakseya Rus was transferred on August 10.
- Prakseya Rus has branches in Volgograd, Nizhny Novgorod, Samara, Sverdlovsk regions, and Moscow.
- Prakseya Rus reported revenue of 4 billion rubles in 2021.
- Prakseya Rus owns 90% of Prakseyr Volgograd, 73.99% of Prakseyr Samara, and 50% of Prakseyr Azot Tolyatti.
Points of divergence
- The previous owner of the shares was Linde UK Holdings No.2 Limited. — kommersant
- The shares were previously transferred to LLC RusKhimAlliance (a joint venture with Gazprom) in July before being transferred to Kuybyshevazot. — interfax
- Prakseya Rus is a subsidiary of Praxair Inc., which joined Linde in 2018. — interfax
Coverage (2 sources)
- «KuibyshevaZot» received part of the industrial gas plants of German Linde — Коммерсантъ
- A row of Linde industrial gas plants in Russia transferred to 'KuybyshevaZot' — Интерфакс