SIBUR acquires leading international petrochemical trader CITCO

26-Aug-09

In a bid to strengthen developments in global sales, SIBUR, Russia’s leading petrochemical company, has acquired Citco Waren-Handelsgesellschaft m.b.H. (CITCO). All relevant approvals for the acquisition have been received from the European Commission’s Competition Authorities and other antimonopoly authorities of European countries, non-members of EU. The acquisition will prop up SIBUR’s continuous global sales development - particularly to the European Union and Asia. The acquisition will boost SIBUR’s LPG distribution platform for oil and gas companies, leading to reduced petroleum gas flaring in line with Russian Government policy. CITCO, a leading international petrochemical trader, was established in 2003 in Vienna. The Company specialises in liquid gas, petrochemical products and fertilisers exported internationally from Russia and Eastern Europe by providing financing, transportation, handling and intermediate storage services.