Sibur, Lukoil and Selena eye $840m investment

18 April 2007 09:41  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's Sibur, Lukoil-Neftekhim, plastics trader Selena and the Bashkortostan regional authorities have signed an agreement to co-operate on polyethylene terephthalate (PET) and purified terephthalic acid (PTA) production at the Polyef chemical plant.

 

Sibur said in a statement sent late on Tuesday that the signatories, all shareholders in the plant based in Blagoveschensk, Russia, had agreed to work out an investment programme aiming to raise capacity at the facility to 600,000 tonnes/year of PTA and 400,000 tonnes/year of PET.

 

Currently, the plant has the capacity to produce 230,000 tonnes/year of PTA and is now moving towards the completion of a 120,000 tonne/year PET production facility.

 

Investment in the joint project could total $840m, the statement said, without disclosing more details.

 

Lukoil and Sibur agreed to acquire a controlling stake in the Polyef plant from Russia's Selena in February.

By: Sergei Blagov
+44 20 8652 3214

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