Russia's SIBUR holding divests methanol business to focus on core activities

23-Dec-08

Russian major petrochem major SIBUR holding had recently announced to divest its methanol business to focus on the development of core activities, the company release said. SibMetaKhim LLC (a joint venture between SIBUR Holding and Vostokgazprom) has sold its 33.4602% shareholding in OJSC Metafraks to IK Troika Dialog, acting on behalf of a buyer. Sibur has quit the SibMethaKhim joint venture, which would be controlled by Vostokgazprom's subsidiaries, Tomskgazprom and ZAO Methanol, according to the statement. SibMetaKhim's methanol production is around 750,000 tpa. SIBUR Holding's exit from the JV will lead to a reorganization of Sibmetakhim, leaving Vostokgazprom subsidiaries Metanol and Tomskgazprom as the company's shareholders. Any future relationship between Sibmetakhim and SIBUR Holding will be on the basis of commercial contracts.