Russia's Sibur buys petrochemicals exporter Citco

24 August 2009 16:08  [Source: ICIS news]

LONDON (ICIS news)--Sibur has finalised the purchase of international petrochemical trader Citco Waren-Handelsgesellschaft, the Russian petrochemical company said on Monday.

Citco specialises in the exportation of liquid gas, petrochemical products and fertilizers, Sibur said in a statement.

“The acquisition will support the continued development of Sibur’s international sales, particularly into the European Union and Asia,” Sibur added.

“It will also enhance Sibur’s platform for oil and gas companies, which will contribute to reduce petroleum gas flaring in line with Russian Government policy,” Sibur said.

Following the acquisition, the export contract between Sibur and Gazprom Export was not extended.

The financial details surrounding the acquisition were yet to be disclosed.

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By: Lucy Craymer
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