Sibur sells fertilizer assets Siberian Business Union

Sibur sells fertilizer assets to Siberian Business Union

1:21 AM, 22nd December 2011
Sibur sells fertilizer assets to Siberian Business Union

MOSCOW, RUSSIA: Sibur Holding, controlled by billionaires Gennady Timchenko and Leonid Mikhelson, agreed to sell fertilizer assets to Siberian Business Union, Russia’s third-largest producer of coal for power stations. The deal will come up for approval at the next board meeting, Sibur said in an e-mailed statement. The assets include OAO Azot in the coal-producing Kemerovo region and the Angarsk nitrogen fertilizer plant, both in Siberia, Sibur and the buyer, known by its Russian initials SDS, said in separate statements. The deal was valued at $1 billion, reported business daily, Vedomosti.

Uralchem, Russia’s second-largest producer of nitrogen fertilizers is in talks to buy 51 per cent of OAO Perm Mineral Fertilizer from Sibur to help double urea production, said Dmitry Konyaev, Chief Executive Officer, Uralchem.

©2011 Bloomberg News

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