Gazprom Neft and SIBUR have consolidated 100% of the charter capital in the Poliom polypropylene plant in Omsk.
Through their joint venture Sibgazpolymer, the companies have signed an agreement to acquire the remaining 50% interest in the charter capital of Poliom, owned by the Titan Group.
The Sibgazpolymer is set to become the sole participant in Poliom, after completion of all corporate and registration procedures. Poliom will be jointly managed by Gazprom Neft and SIBUR.
In 2014, Gazprom Neft (25%), SIBUR (25%) and the Titan Group (50%) formed a joint venture for Poliom.
Established in 2012, Poliom facility is one of the largest polypropylene producers in Russia, holding a capacity of producing 218,000 tonnes of high-technology product per annum, and covers a range of 100 brands of polypropylene.
Gazprom Neft provides the primary feedstock for production propane-propylene fraction from its Omsk Refinery , and SIBUR manages the distribution of end-products across Russia and the CIS.
The company said that the facility is certified for its compliance with the international standards, and deploys best-practice R&D solutions and technologies to ensure waste-free production.
SIBUR executive director Sergey Komyshan said: “SIBUR is committed to developing its polymer business as demand in Russia and all over the world keeps growing, ahead of the global economy. Thanks to their superior qualities, synthetic materials are well on the way to replacing their traditional counterparts, while also offering new opportunities in transportation, healthcare, robotics and other areas.
“This acquisition of a majority interest in Poliom LLC will allow us to focus on its development, as well as on product distribution. SIBUR has unique expertise that will allow it to expand the facility’s polymer range, as well as meeting demand from businesses in various sectors, by bringing streamlined product solutions to market.”
Gazprom Neft is a vertically integrated oil company, mainly involved in oil and gas exploration and production, refining, and the production and sale of oil products.
