Sibur expects lower sales in '09; gets funding for PP project

21 September 2009 14:37  [Source: ICIS news]

MOSCOW (ICIS news)--Sibur’s sales in 2009 could be down by 15-30% compared with 2008, a company official said on Monday.

In a company statement, Sibur CEO Dmitry Konov did not disclose further details about Sibur's sales outlook for the year.

In 2008, Sibur’s sales were Roubles (Rb) 173.5bn ($5.7bn, €3.9bn), up 21.6% from 2007, while net profit was down 29.2% year on year at Rb16bn, according to the company.

In January-June 2009, Sibur reported sales of Rb47bn, down about 30% year on year, and a net loss of Rb3bn. Sibur posted a net profit of Rb14.4bn in the first half of 2008.

Separately, on 18 September, Sibur and Russia's state-run Vnesheconombank (VEB) signed a $153m loan agreement to finance a new 500,000 tonne/year polypropylene (PP) unit at Tobolsk, in the Tyumen region of western Siberia.

In May, VEB granted Sibur a loan of $1bn to finance the Tobolsk project, which is due to come on steam in 2012.

($1 = Rb30.26/€1 = Rb44.52)

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By: Sergei Blagov
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