Moscow Oil-Processing Plant shareholders' meeting derailed

The shareholders' meeting of the Moscow Oil-Processing Plant did not take place owing to a lack of quorum, according to the report of Sibneft, which has a 37 percent stake in the plant. The lack of quorum was due to the fact that the shares held by the Central Fuel Company were not allowed to vote. Prior to the beginning of the shareholders' meeting, a court official presented the judgements of the Central Court of Omsk and the court of the Lenin district of Makhachkala to the representatives of the Central Fuel Company, according to which the company was prohibited from participating in the shareholders' meeting.

However, a representative of Sibneft was quoted as saying the company took part in the vote after all. In view of that, the bulletins are currently being tallied up, and after the tally is over, the Central Fuel Company's bulletins are likely to be recognized as null and void, while the shareholders' meeting will be announced invalid. The Central Fuel Company has a 51 percent stake in the Moscow Oil-Processing Plant.

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