Sistema JSFC has acquired 98% stake (resulting in effective ownership of 100%) in OJSC United Petrochemical Company from the Group's subsidiary JSOC Bashneft ("Bashneft") for RUB 6.2 billion. As per Fibre2Fashion, Sistema is the largest publicly-traded diversified holding company in Russia and the CIS. The value of the stake is based upon an independent appraisal carried out by an international consultant.
UPC is a vertically integrated petrochemical group which owns four enterprises located in the Bashkortostan region: Ufaorgsintez, Tuimazinkoye and Shkapovskoye Gas Processing Plants and Bisphenol-A plant. In 2012, UPC generated a combined revenue of RUB 17.9 billion. Ufaorgsintez is one of the leading petrochemical producers in Russia. Polypropylene and ethylene account for over 50% of its production line, while 90% of total sales are made to the domestic market. The company benefits from an established production chain with feedstock sourced from Bashneft's Ufa refineries, the Tuimazinskoye and Shkapovskoye Gas Processing Plants, which produce liquid petroleum gas and nafta from stable natural gasoline (SNG). UPC's development plans will be financed partly by its own cashflow, as well as debt financing and joint venture initiatives with leading international petrochemical companies.
20-Sep-13 
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