Rosneft completed the transaction on purchase of 100% of shares of SANORS Holding Limited (Novokuibyshevsk Petrochemical Company) after obtaining all the necessary approvals from antimonopoly and regulatory authorities. This purchase is in line with Rosneft Long-term Development Strategy and implies a profound integration of Rosneft oil and gas production and refining assets with existing SANORS Holding petrochemical production facilities. The synergistic effect of the integration will help to strengthen the vector of petrochemical development and increase the added value of production.
This transaction will allow Rosneft to develop its own line of import substitution as well as meeting growing domestic demand for key polymers and other chemical products, viable commercially in the Russian market regarding their quality and technological characteristics.
Commenting on the results of transaction’s completion, Igor Sechin said: “Consolidation of the production capacities of Rosneft and SANORS group of companies will allow creating a unique business asset for the Samara region. As a result of this mutually beneficial business alliance, a new promising player will appear at the Russian petrochemical market. At the same time this agreement will extend Rosneft’s access to the marketing outlets for high margin production”.