At the auction held on 22 December 2015, SIBUR acquired a 17.5% stake in AO POLIEF from the Government of the Republic of Bashkortostan.
The auction to sell POLIEF's 582.63 thousand ordinary shares was arranged by the Ministry of Land and Property Relations of Bashkortostan, which had been managing the stake. SIBUR's offering of RUB 500.11 m for the shares was the winning bid.
The acquisition of a 17.5% stake became the final step for SIBUR to consolidate 100% of POLIEF's share capital.
"We would like to express our gratitude to the Government of the Republic of Bashkortostan for the fruitful multi-year cooperation, which resulted in a creation of a modern energy efficient production and new jobs. Historically, our partnership assumed new feedstock supply agreements enabling integration of oil refinery and petrochemical industries in the region and investments in PET capacity expansion. These goals were achieved: capacity expanded and production flows streamlined.
In that context the decision of the Bashkortostan’s authorities to sell its stake is reasonable. SIBUR gaining 100% control over POLIEF will continue investing in the facility, environmental, health and safety initiatives, despite challenging situation on the PET domestic market,” said Pavel Lyakhovich, Managing Director of SIBUR's Plastics and Organic Synthesis Division.
