Sibur acquires 100% stake in Bashkortostan Polyethylene Terephthalate producer Polief

30-Dec-15

With the acquisition of an additional 17.5% stake in Polief, Russian petrochemicals producer Sibur has completed acquisition of 100% stake in the Bashkortostan polyethylene terephthalate (PET) producer. Polief modernized its existing PET production lines last year and built and additional line, scaling up its PET capacity to 210,000 tpa. Sibur's bid of Rb500.11 million (US$6.88 mln) was the winner in the auction held last week. "Sibur gaining 100% control over Polief will continue investing in the facility, environmental, health and safety initiatives, despite the challenging situation on the PET domestic market," said Pavel Lyakhovich, Managing Director of the company's Plastics and Organic Synthesis Division.