Novosibirsk Refining Works (NAZ) has been sold at an auction for 880 million rubles.

The winner of the auction was the Center of real estate management, which bought 100% of the state shares at the initial price.

“NAZ is underloaded and needs modernization. We are sure that the new owner will be able to solve these problems and lead the works to the new heights, having strengthened its positions both on local and foreign markets”, the deputy privatization director of the Russian Auction House Anjelika Imanova noted.

Novosibirsk Refining Works is one of the major refineries of Russia. Last year its earnings reached 399.1 million rubles, with net profits at 50.2 million rubles. (Ukrainian metal)


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