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TAIF and SIBUR intend to invest over Rb1 mln in the implementation of joint projects

April 30/2021

MOSCOW (MRC) - TAIF together with SIBUR will spend over 1 trillion rubles. for the implementation of joint projects, Kommersant reports with reference to the words of the general director of the company Rafinat Yarullin during a meeting of Tatneftekhiminvest-holding.

It is noted that the companies plan to implement over 30 projects in total. "TAIF, in synergy with SIBUR, plans to implement more than 30 projects, the cost will be determined, it is also somewhere over a trillion," R. Yarullin noted.

The companies previously signed a legally binding asset pooling agreement. The deal involves the exchange of a minimum controlling stake in TAIF for a 15% stake in SIBUR. To complete the transaction, SIBUR will conduct an additional share issue. The merged enterprise will have an option to buy out the remaining stake in TAIF, and TAIF shareholders will also have the right to activate this option.

After the completion of all investment projects underway - the Amur Mining and Chemical Combine 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 RUB 187.3 billion. 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 directions 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, crude oil, PVC, PP, PS, PE, neftegaz, petrochemistry, Sibur Holding, Taif -NK.
Category:General News
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