SIBUR takes out a comprehensive insurance policy covering its property and financial results
April 09/2012
(sibur) -- SIBUR has signed contracts to insure
its business assets in a joint insurance scheme with the leading Russian
companies Sogaz JSC and AlfaStrakhovanie Plc.
The integrated property
damage and business interruption insurance provides cover for the property owned
by the companies in the SIBUR group in the event of physical damages or loss of
profit caused by human error in production. The policy covers the property
assets of SIBUR’s gas processing plants and of Tobolsk-Neftekhim LLC, and also
the expected profit of SIBUR Holding CJSC. The policy allows up to USD1.3
billion to be paid in compensation for each insurance case.
The
integrated insurance policy is based in the Western market and is reinsured by
companies with a credit rating of at least A-, according to Standard & Poor.
This rating threshold guarantees extremely reliable insurance cover. The
policy is one of the largest taken out by Russian oil and gas and petrochemical
companies, both in terms of its geographical scale and the size of the cover
acquired. It will allow the company’s cash flow to be stabilised, and will
reduce the negative impact of potential technological risks to SIBUR’s financial
and economic operations.
