Russia’s Sibur may sell stake in company to Silk Road Fund, CDB

STRELNA VILLAGE, Leningrad Region, Nov 7 (PRIME) -- Leonid Mikhelson, chairman of the board of directors of Russian petrochemical holding Sibur, has signed a framework agreement to sell a stake in the company with China’s Silk Road Fund President Wang Yanzhi and China Development Bank’s (CDB) CEO Meng Tianshan.

In June 2016, the protocol of a meeting of a Russia–China commission for energy cooperation stated that Moscow will welcome interest of Chinese financial and strategic investors like the Silk Road Fund, China Development Bank and Sinopec in the purchase of 10% in Sibur.

In December 2015, the Russian government’s commission for foreign investment control approved Sinopec’s deal to buy 20% in Sibur, but shareholders of Sinopec and Sibur closed a deal to buy only 10% on December 17, 2015. Mikhelson said then that there is an option, not an obligation for Sinopec to raise its stake.

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