23 October 2008 11:34 [Source: ICIS news]
LONDON (ICIS news)--Russia’s largest petrochemicals producer Sibur on Thursday said it was cutting production at plants as the global economic downturn took its toll on customer demand.
Sibur said it would focus on significant cost cutting measures to offset the negative trading environment, but did not comment on any potential loss of jobs.
The company could also face delays in building new petrochemicals plants in ?xml:namespace>
“Management are reviewing all elements of these plans to ensure that they are properly aligned to the turbulent trading and financial environment,” it said in a statement.
“Furthermore, Sibur also reviewing the temporary reduction of production volumes, setting new priorities for the investment programme and tighter management of working capital,” it added.
Last month, Sibur suspended its $5.4bn (€4.2bn) preliminary management buyout (MBO) agreement due to the financial crisis affecting the chances of meeting previously agreed prices.
($1 = €0.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections