SIBUR acquires polymer business of NOVATEK

06-Sep-10

The companies SIBUR and NOVATEK have concluded an agreement to acquire petrochemical holding company OJSC NOVATEK-Polymer. A share of the authorized capital of OJSC NOVATEK-Polymer to the amount of 32% is to be transferred at the conclusion of the contract. The remaining 68% of the authorized capital of OJSC NOVATEK-Polymer will be transferred to SIBUR after receiving approval from the Federal Anti-monopoly Service. "The transaction is in line with SIBUR's strategy to encourage the recycling of base polymers into its end products," said SIBUR's President, Dmitry Konov. "In the coming years, the company will repeatedly increase its production capacity for polypropylene, and the presence of a rapidly growing sales channel will increase the sale of polymers on the domestic market.”