Sibur and Gazprom Neft have consolidated 100% of the authorised capital in Poliom, a polypropylene plant in Omsk.
Sibgazpolimer, a joint venture of the two companies, has signed an agreement to acquire a 50% stake in Poliom from the Titan Group.
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After completing all corporate and registration procedures, Sibgazpolimer has become the sole member of Poliom, which is to be operated jointly by Gazprom Neft and Sibur.
Launched in 2013, Poliom is one of Russia’s largest polypropylene facilities. In 2014, Poliom became the basis for a JV of Gazprom Neft (25%) Sibur (25%) and the Titan Group (50%). Its annual capacity is 218 kt of advanced products with a mix of some 100 grades.
It sources propane-propylene fraction, its key feedstock, from Gazprom Neft’s Omsk Refinery, while Sibur helps distribute its end-products in Russia and the CIS. The facility is certified for compliance with international standards. In 2014, Poliom became the basis for a JV of Gazprom Neft (25%), Sibur (25%) and the Titan Group (50%).
“Sibur is committed to developing its polymer business as the demand in Russia and all over the world keeps growing ahead of [the] global economy,” said Sibur board member and executive director, Sergey Komyshan.
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By GlobalData“Synthetic materials are well on the way to replace their traditional counterparts, while also offering new opportunities in transportation, healthcare, robotics and other areas. Following the build-up of our stake in Poliom, we will focus on its development in addition to product distribution.”
For his part, Gazprom Neft head of Commercial Directorate, Levan Kadagidze, added: “Increasing the stake in Poliom is an important milestone in Gazprom Neft’s long-term strategy focused, among other things, on developing the petrochemical production.
“By integrating oil refining and petrochemical assets into our business, we will be able to use feedstock from our refineries more efficiently to make value-added products.”
