Press release: SIBUR closes sale of Uralorgsintez
Tchaikovsky, 17 April 2017. SIBUR has closed the sale of a 100% stake in Uralorgsintez to EKTOS, a leading Russian producer of high-octane fuel components. The deal value totalled RUB 22 bn.
Uralorgsintez focuses on the production of liquefied petroleum gas (LPG) and methyl tertiary butyl ether (MTBE), a high-octane fuel component, from hydrocarbons. Its hydrocarbon fractionation capacity stands at 0.91 mtpa, MTBE production capacity at 220 ktpa, and benzene production capacity at 95 ktpa.
As part of the transaction, the companies signed a number of long-term agreements, including processing and supply agreements with guaranteed capacity utilisation of Uralorgsintez’s core facilities.
The sale will not affect the collective bargaining agreement for 2017–2019, which will remain valid on the same terms and conditions, as well as the voluntary health insurance plan.
“SIBUR’s main focus is on operational excellence and development of the Company's core business. The agreement with EKTOS is in line with our strategy to divest non-priority businesses,” commented Pavel Lyakhovich, Managing Director of SIBUR. “At the same time, SIBUR will remain the key partner of the Tchaikovsky production site.”
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