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TAIF will remain a shareholder of Kazanorgsintez - D. Konov

June 08/2021

MOSCOW (MRC) - The deal on the merger of SIBUR and TAIF will not affect the position of Kazanorgsintez (KOS), TAIF will remain its shareholder, reports Tatar-inform, citing the words of SIBUR CEO Dmitry Konov during SPIEF-2021.

"Kazanorgsintez is the main production enterprise, one of three at TAIF. We are making a deal through the company with TAIF. Accordingly, the merged company will be a shareholder of TAIF, which will remain a shareholder of Kazanorgsintez. Nothing will change in this regard," said D. Konov.

Earlier, SIBUR and TAIF started to merge petrochemical businesses. The process implies the creation of a company on the basis of SIBUR Holding PJSC, 15% in which will be received by the current shareholders of TAIF. In return, a controlling stake in a Tatarstan group consisting of petrochemical and energy enterprises will be transferred. According to the press service of SIBUR, the remaining stake in TAIF may be subsequently redeemed by the merged company.

Earlier it was reported that the joint company of SIBUR and TAIF will include the parent company of the Tatarstan group, its two chemical plants and an energy company. On the part of TAIF, the following companies will join the merged company: TGK-16 JSC, Kazanorgsintez PJSC, Nizhnekamskneftekhim PJSC and TAIF JSC. The oil complex of TAIF-NK PSC is not included in the deal with SIBUR.

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:Taif, Kazan, Kazanorgsintez, Nizhnekamskneftekhim, Sibur Holding.
Category:General News
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