Sibir Airline Co., the company that owns the S7 airline brand, and LUKoil-Aero, an aviation-refueling company affiliated with oil major LUKoil, have reportedly reached out-of-court agreements on the timetables for the airline to repay its outstanding R886.4mln aviation kerosene debt. The agreements were later approved by the Moscow Arbitration Court, thus making them legally binding. These steps followed the suits filed by LUKoil-Aero in December 2008 against Sibir to put legal pressure on the airline to pay its fuel debts. Hence, the approval of the out-of-court settlements by the court has relieved the parties, especially the respondent, of the expensive litigations, and, consequently a really happy end for the airline management. “Now, Siberia does not have any unsettled debt issues with its largest aviation fuel supplier.”
To put things in perspective, suffice it to say that Sibir is the largest airline by size on the Russian market, after industry leader Aeroflot, while its largest shareholders are deputy company CEO Natalia Fileva, the spouse of airline CEO Vladislav Fileva, with a 63 % stake, and the state with a 25.5 % stake. LUKoil-Aero is one of leading suppliers of aviation fuel to over 50 airports in Russia and abroad. It controls about 25% of the Russian aviation fuel market.
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