Ruslan Shigabutdinov, General Director of TAIF, said:
- Today TAIF Group is entering a new stage of its development
- The combination of our petrochemical businesses with SIBUR will enable the new company to assert its leadership in the global market and become a top-5 global petrochemical producers
- To achieve global leadership, we will have to work together, share positive experience and draw on the best practices of the 2 companies
The company controls 96% of the chemical, petrochemical, oil and gas processing industries in Tatarstan.
Dmitry Konov, СEO of SIBUR, said:
- This combination of industry leaders represents a significant step in the evolution of the Russian petrochemical sector
- We are combining our competencies, energy and ambition to lay the groundwork for what is sure to become a global leader
- One of the key elements of the deal is TAIF's $20 billion Strategic Development Programme
- Combine that with the development programme that SIBUR is already running in Western Siberia and the Far East, and it is safe to say that the new company will hit its targets
The investment programme will yield further growth of chemical non-commodity exports and import substitution and also unlock new ways of tackling sustainability and environmental challenges.