Russia's Sibur plans joint PVC venture with Solvay
08 December 2006 13:00 [Source: ICIS news]
MOSCOW (ICIS news)--Sibur Holdings and Solvay have discussed a polyvinyl chloride (PVC) joint venture project at the Sibur-Neftekhim subsidiary in Nizhny Novgorod, Russia, Sibur spokesman Guennady Fedotov said on Friday.
Valery Shantsev, the Nizhny Novgorod regional governor, said on Thursday that Sibur and Solvay were expected to finalise an agreement before 20 December.
However, Fedotov declined to confirm that the agreement with Solvay was expected to be signed before the end of this month.
The capacity of the joint PVC project could reach 500,000 tonnes/year eventually.
Earlier this year, Sibur Holding indicated plans to build a €450m PVC plant with a 330,000 tonnes/year nameplate capacity in a joint project with Solvay.
But Sibur also said it would upgrade its ethylene and PVC production facilies in Nizhny Novgorod region - regardless of the outcome of the negotiations with Solvay.
Sibur Holding's talks on conditions to join the Polyef PTA/PET project were nearing completion, Fedotov also said on Friday. He declined to confirm reports that Sibur and LUKoil-Neftekhim planned to acquire a controlling stake in Polyef.
However, Fedotov indicated that Otechestvennye Polimery ["Domestic Polymers"], a joint venture between Sibur and LUKoil-Neftekhim, could offer sizeable investments to raise PTA/PET capacities at Polyef.
In March 2005, the Russian government sold its 100% stake in Polyef for Roubles3.038bn (€87m/$115.8m) in a privatisation auction to Russia’s plastics trader ZAO Selena Group.
But Sibur and LUKoil-Neftekhim filed a lawsuit to contest the deal. The Russian Federal arbitration court closed the Polyef case in February after Sibur and LUKoil-Neftekhim requested to discontinue their joint lawsuit.
($1 = Roubles26.2)
By: Sergei Blagov
+44 20 8652 3214
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