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FAS may ask to sell some assets of SIBUR and TAIF

April 27/2021

MOSCOW (MRC) - SIBUR may sell some of its assets if the Federal Antimonopoly Service (FAS) requires it to approve the merger of petrochemical businesses with the TAIF group of companies, said Interfax.

"I would not rule out, perhaps, that these are the types of business in respect of which the FAS decides that they should not be part of the merged company. Let's wait for a deep analysis of the FAS, we will promptly submit documents," Konov told reporters, answering the question of the possible sale of part of the assets.

On April 23, SIBUR and theTAIF Group announced plans to merge their petrochemical businesses. As a result of the transaction, a merged company will be created on the basis of SIBUR, in which the existing shareholders of the Taif group will receive a 15% stake in exchange for the transfer of a controlling stake in the group, which consists of petrochemical and energy enterprises. The remaining stake in Taif may subsequently be bought out by the combined company. After the completion of all ongoing investment projects, the combined company will enter the top 5 world leaders in the production of polyolefins and rubbers.

TAIF includes 28 enterprises, the group conducts its activities in many areas, the key of which are oil and gas processing, chemistry and petrochemistry, energy, investment activities. The enterprises in the field of chemistry and petrochemistry of TAIF Group produce 581 items of products, of which large-tonnage are synthetic rubbers, various brands and types of polyethylene, polypropylene, polycarbonate and styrene plastics.

At the end of 2020, TAIF's share in the total production of the Russian Federation was: for rubbers - 64%, for plastics - 28%, while the group is the only producer of polycarbonates, sevilen and a number of other popular types of polymer products in Russia.

After the completion of all investment projects underway - the Amur GCC and the construction of a new pyrolysis facility at Nizhnekamskneftekhim, the combined company will enter the TOP-5 global leaders in the production of polyolefins and rubbers, whose combined capacity will amount to 8 million tons of polyolefins and 1.2 million tons of rubbers.

Earlier it was reported that SIBUR increased sales of polypropylene and polyethylene last year amid growing utilization of the ZapSibNeftekhim complex. This led to an increase in the company's revenue in the olefins and polyolefins segment by 77.1% to Rb187.3 bn. This growth was mainly due to an increase in sales of polypropylene and polyethylene as a result of increased utilization of the ZapSibNeftekhim complex and was partially offset by a decrease in prices for these types of products.

SIBUR is the largest vertically integrated gas processing and petrochemical company in Russia, uniting a number of production sites in various regions of the Russian Federation. The company sells products to consumers in the fuel and energy complex, automotive, construction, consumer goods, chemical and other industries in more than 80 countries around the world.

PSC "TAIF" was established in 1995, is the parent company of the group of the same name, which includes enterprises structured in four business areas: oil and gas processing, chemistry and petrochemistry (energy); investment and financial services; building; telecommunications and complex services, including trade. TAIF Group of Companies is a large Russian holding that controls 96% of the chemical, petrochemical and oil and gas processing industries in Tatarstan. The most important of its areas is the Chemistry, Petrochemistry and Oil and Gas Processing Division, which includes the leading Russian polymer producers Nizhnekamskneftekhim and Kazanorgsintez.
Author:Anna Larionova
Tags:ABS, petroleum products, PVC, PP, PS, PE, neftegaz, petrochemistry, Sibur Holding, Taif -NK.
Category:General News
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