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10% stake in russian SIBUR to be sold to China’s Silk Road Fund

The shareholders of SIBUR and representatives of the Silk Road Fund, a Chinese investment fund, have signed the final documents in a deal that makes the Fund a 10% shareholder of SIBUR.

10% stake in russian SIBUR to be sold to China’s Silk Road Fund


The shareholders of SIBUR, the largest gas processing and petrochemicals group in Russia, and representatives of the Silk Road Fund, a Chinese investment fund, have signed the final documents in a deal that makes the Fund a 10% shareholder of SIBUR, the company reported on December 14, 2016.

The signing ceremony was attended by Leonid Mikhelson, Chairman of SIBUR’s Board of Directors, Dmitry Konov, Chairman of SIBUR's Management Board, and Wang Yanzhi, President of the Silk Road Fund.

The Silk Road Fund makes outbound investment in infrastructure, energy, industrialization and financial cooperation projects under China's Belt and Road Initiative, which aims to enhance the link of China's economy with the rest of the world.

At the end of 2015, another deal was closed making Sinopec, one of the largest petrochemical corporations globally, SIBUR's industrial investor with a minority stake of 10%.

The Silk Road Fund is a financial investor and will have an opportunity to nominate its representative to SIBUR's Board of Directors.

«The fact that a financial institution as large as the Silk Road Fund became a shareholder of SIBUR confirms the investor appeal of the Company and strengthens its positions in the international market. We are confident that our cooperation will contribute to further development of economic ties between Russia and China,» commented Leonid Mikhelson, Chairman of SIBUR’s Board of Directors.

The deal is to be closed subject to the Russia regulatory approval.

To read this news in Russian.

Source : Neftegaz.RU


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