China’s Sinopec buys into Russia’s Sibur

China’s Sinopec buys into Russia’s Sibur

1:03 PM, 4th September 2015
China’s Sinopec buys into Russia’s Sibur

NEW YORK, US: Sinopec and Sibur have agreed on the Chinese energy giant buying into Russia’s top petrochemical company, Sibur said on Thursday without disclosing the stake and the value of the deal.

A source, close to Sibur’s shareholders, told the news agency that Sinopec could acquire more than 10 percent in the company.

“The deal will not lead to serious changes in the shareholding structure,” the source said.

Businessman Leonid Mikhelson, the head of Russia’s no 2 gas producer Novatek, will remain Sibur’s largest shareholder, Sibur added.

The deal, signed in Beijing during Russian president Vladimir Putin’s visit, is expected to be completed by 1 Dec after necessary regulatory approvals.

Other stakeholders in Sibur are tycoon Gennady Timchenko, an ally of Putin, as well as current and former Sibur managers.

Last year, Sibur’s revenues reached 361 billion roubles ($5.4 billion).

© Reuters News

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