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SIBUR und TAIF to merge petrochemical businesses, will be the 5h largest polyolefins producer in the world

The new company will support Russia’s leadership in the chemical, petrochemical and oil & gas sectors

SIBUR und TAIF to merge petrochemical businesses, will be the 5h largest polyolefins producer in the world

Source: SIBUR Press Office

Moscow, September 24 - Neftegaz.RU. SIBUR and TAIF finalising the creation of a combined entity that will leverage the facilities of SIBUR Holding and create the largest petrochemical company in Russia and one of the biggest in the world.

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
TAIF will receive a 15% stake in the new combined company in exchange for 50% + 1 share in TAIF.
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
Albert Shigabutdinov, Chairman of TAIF's Board of Directors noted:
  • 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
Following the completion of all ongoing investment projects, the new combined company will be among the top 5 producers of polyolefin and rubber globally.
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.

Such capacities in polyolefins production would be only behind China’s Sinopec, US’ ExxonMobil, LyondellBasell and Saudi Aramco.

To read the news in Russian

Source : Neftegaz.RU


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