Sibur sells Uralorgsintez to Russia’s Ektos for 22 bln rbl

MOSCOW, Apr 17 (PRIME) -- Petrochemical holding Sibur has sold 100% in affiliate Uralorgsintez to Russian producer of high-octane fuel components Ektos for 22 billion rubles, the company said in a statement on Monday.

“As part of the transaction, the companies signed a number of long-term agreements, including processing and supply agreements with guaranteed capacity utilization of Uralorgsintez’s core facilities…The sale will not affect a collective bargaining agreement for 2017–2019, which will remain valid on the same terms and conditions, as well as the voluntary health insurance plan,” Sibur said.

“Sibur’s main focus is on operational excellence and development of the company’s core business. The agreement with Ektos is in line with our strategy to divest non-priority businesses. At the same time, Sibur will remain the key partner of the Tchaikovsky production site,” the company said citing Managing Director Pavel Lyakhovich.

Uralorgsintez produces liquefied petroleum gas (LPG), methyl tertiary butyl ether (MTBE), and benzene. The plant’s production capacity is 910,000 tonnes of LPG, 220,000 tonnes of MTBE, and 95,000 tonnes of benzene per year.

(56.2945 rubles – U.S. $1)

End