Russia’s Gazprom gives nod to petchems acquisition

29 May 2008 10:57  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's gas giant Gazprom has approved the acquisition of a 50% stake in major petrochemicals producer Salavatnefteorgsintez, the company said on Thursday.

 

The Gazprom board has given the go-ahead for its subsidiary Gazprompererabotka to acquire the stake in Salavatnefteorgsintez from Gazfond, Gazprom's pension fund, the statement said without disclosing more details.

 

Gazfond will retain a 3.92% stake in the company.

 

Salavatnefteorgsintez produces about 8% of Russia’s total ethylene output, roughly a third of its styrene output and accounts for about one-fifth of its polystyrene (PS) capacity, as well as producing more than 500,000 tonne/year of ammonia and about 700,000 tonne/year of urea.

 

In January 2008, Salavatnefteorgsintez announced its development programme for 2008-2012, which would involve raising the company's ethylene capacity from 250,000 tonnes/year to 380,000 tonnes/year, as well as building a new 120,000 tonnes/year polyethylene (PE) facility.

By: Sergei Blagov
+44 20 8652 3214

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