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Gazprom Neft & Sibur to Jointly Develop the Poliom Polypropylene Plant in Omsk

Source: www.gulfoilandgas.com 7/19/2019, Location: Asia

Gazprom Neft and SIBUR have consolidated 100 percent of the charter capital in the Poliom LLC polypropylene plant in Omsk, with the Gazprom Neft—SIBUR joint venture — Sibgazpolymer JSC — signing an agreement on the acquisition of a 50-percent interest in the charter capital of Poliom LLC, owned by the Titan Group.

Following the completion of all corporate and registration procedures, Sibgazpolymer JSC has become the sole participant in Poliom LLC, which will be managed jointly by Gazprom Neft and SIBUR.

Launched in 2012, Poliom is one of Russia’s largest polypropylene producers. In 2014, Poliom became the basis for a joint venture between Gazprom Neft (25 percent), SIBUR (25 percent) and the Titan Group (50 percent). The plant has capacity to produce 218,000 tonnes of high-technology product every year, with a range covering 100 brands of polypropylene.

The key feedstock for production — propane-propylene fraction — is sourced from the Gazprom Neft Omsk Refinery, with SIBUR managing the distribution of end-products throughout Russia and the CIS. The facility is certified as complying with international standards, and deploys best-practice R&D solutions and technologies to ensure waste-free production.

Levan Kadagidze, Head of the Commercial Directorate at Gazprom Neft, commented: “Increasing our interest in Poliom marks an important milestone in implementing Gazprom Neft’s long-term strategy, a key element of which involves developing petrochemical production. Integrating assets in the refining and petrochemical sectors will allow us to improve efficiency in using refinery feedstocks to produce high value-added products, while also boosting our competitive edge both domestically and internationally through stronger technological ties with SIBUR”.

Sergey Komyshan, Executive Director and a member of the Management Board, SIBUR, added: “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. I would also like to thank the Titan Group for our long-standing and successful cooperation.”

Mikhail Sutyaginsky, Chairman of the Board of Directors, Titan Group, commented: “The Titan Group’s vast expertise in building complex industrial facilities, and the standard of its technological solutions and production engineering, have made the Omsk polypropylene plant an enticing and valuable asset for two of Russia’s major companies — Gazprom Neft and SIBUR.

Poliom has robust process control systems, meaning its products are fully compliant with the standards of the world’s top polymer goods manufacturers. I would stress that the Titan Group will continue developing its own industrial assets, including putting in place production facilities to increase the conversion factor in hydrocarbon refining, and producing a wide range of organic chemical products to replace imported alternatives.

Gazprom Neft and SIBUR will remain our strategic partners on both new and existing projects”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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