A 32% share of the authorized capital of OJSC Novatek-Polymer is to be transferred at the conclusion of the contract while the remaining 68% of the authorized capital of OJSC Novatek-Polymer will be transferred to Sibur after receiving approval from the Federal Anti-monopoly Service. Further details of the sale were not available.
"The transaction is in line with Sibur's strategy to encourage the recycling of base polymers into its end products," said Sibur's President,Dmitry Konov. "In the coming years, the company will repeatedly increase its production capacity for polypropylene, and the presence of a rapidly growing
sales channel will increase the sale of polymers on the domestic market."
Novatek is Russia's largest independent gas producer and the country's second-largest natural gas producer, said the company website.
In the first half 2010, Novatek's gross production of natural gas totaled 18.4 billion cubic meters and 1.7 million mt of liquids.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
